Pixel, a popular Web3 game with a large number of daily active users, has recently reached a valuation of $3 billion after its token was listed on the cryptocurrency exchange Binance.
As of now, the PIXEL token is trading at $0.5385, which is a significant increase of 1,246% from its initial listing price of $0.04 on Binance on February 19. The project currently has a diluted market capitalization of $2.65 billion. Last September, Pixel announced its move from Polygon to Sky Mavis’ Ronin Web3 gaming blockchain, citing the latter’s dedicated gaming user base.
According to data from DappRadar, there are currently 531,850 wallets interacting with the social community game, which represents a growth of 47.9% over the past 30 days. Pixels is a relaxed adventure game where players can farm, explore, own land, and showcase nonfungible tokens (NFTs) within the community. However, the in-game token Berry has not seen the same surge in value as the Pixel token, resulting in lower transaction value in terms of gaming.
After experiencing a devastating hack in 2022, the Ronin blockchain has made a strong comeback this year, with its token value returning to pre-hack levels. Additionally, the blockchain’s total value locked has also recovered to $214 million, with 99% of the volume contributed by the native decentralized exchange Katana.
On February 5, the Ronin (RON) token was also listed on Binance but quickly suffered a decline due to insiders accumulating RON and then selling it quickly after the token was listed, causing its price to drop. Yi He, co-founder of Binance and spouse of former CEO Changpeng Zhao, explained after the incident that the exchange would implement stricter internal controls to separate the listing team from project research teams in order to prevent information leaks.
In an interview with Cointelegraph, Aleksander Larsen, co-founder of Sky Mavis, explained that Ronin will allow Web3 games that gain popularity to be integrated into the Mavis Hub, which is the protocol’s platform for game curation, similar to Steam. Larsen expects to onboard 16 blockchain games onto Ronin this year.
Related:
The Web3 gaming metaverse aims to revolutionize GameFi.