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Observing the recent spikes in the GameFi sector, Bitget Gamefi Zone noticed the trading volume of the GameFi sector recording a 126% spike in the last 24 hours. Meanwhile, over the seven day period, the trading volume rose by more than 200%. It should be noted that these spikes were observed on March 10 at 11:30 PM UTC+8. The reason behind this massive surge could be due to a 48% increase in the number of daily traders over the past seven days.
Bitget, a crypto exchange, also mentioned that GALA, YGG, and PIXEL were leading the GameFi sector weekly spike. Based on Bitget’s report, GALA witnessed a 75% hike in just seven days. Meanwhile, YGG and PIXEL both experienced a 72% increase in prices over the week. Taking fourth and fifth place, MAVIA and GF recorded a 54% and 43% hike, respectively.
SHRAP, in sixth place, observed a 38% increase in its value over the weekly time period. Taking the seventh position in the GameFi sector, RACA recorded a 34% positive change in the weekly time period. Finally, RON, NAKA, and BNX saw their values increase by 33%, 29%, and 28%, respectively.
Commenting on the recent surge of the GameFi sector, Ryan Lee, Bitget research chief analyst, stated:
In the short term, anticipation for the Game Developers Conference 2024, scheduled from March 18 to March 22, could be fueling the current surge in the GameFi sector. Over the recent weekend, select tokens within the GameFi space, such as YGG and GMT from the previous bull market, experienced notable increases.
Lee also mentioned, “In the lead-up to and during the conference, certain projects might capitalize on the heightened market focus to announce positive developments, potentially amplifying the momentum in the GameFi sector.”
Bitget’s Lee further stated that technological advancements in blockchain are elevating the potential of blockchain gaming, while the entry of mainstream gaming powerhouses is set to enhance the overall quality and playability of these games.
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