Gaming Tokens Win Big as Top Cryptos Post Losses

The past week has been a bloodbath for cryptocurrencies, with nearly $80 billion worth of value wiped off the market following the Fed’s 75-basis point hike.

But despite bearish price action in the broader crypto market, gaming-related cryptocurrencies Gods Unchained (GODS) and ApeCoin (APE) have posted double-digit gains over the past week.

ApeCoin, the token underpinning the ecosystem of popular NFT collection Bored Ape Yacht Club, and its upcoming metaverse platform Otherside, has also posted gains of over 16% in the past week.

GODS, the token powering the popular NFT-powered card game Gods Unchained, has gained more than 20% over the past week and recorded a new monthly high of $0.567, per data from CoinMarketCap.

However, in contrast to its bullish weekly performance, GODS is down 5.7% over the past 24 hours and currently trades at around $0.37.

Unsurprisingly, the GODS price surge over the past week accompanied an increase in Gods Unchained users.

According to data from DappRadar, Gods Unchained saw a 102.03% jump in its total users over the past week. Transaction volumes have also grown by 125.97% over the same period.

ApeCoin, the token underpinning the ecosystem of popular NFT collection Bored Ape Yacht Club, and its upcoming metaverse platform Otherside, has also posted gains of over 16% in the past week.

Currently, APE trades at $5.64 after retracing back from a weekly high of $6.34 recorded yesterday, per data from CoinMarketCap.

Despite a bullish week fueled by the upcoming APE staking launch, the token is down over 80% from its recorded all-time highs of $39.40 in March 2022.

Other widespread gaming-related tokens have also posted solid weekly gains; Guild of Guardians’ GOG token gained nearly 15% last week, and GPU rendering network Render’s native token RNDR has also posted modest weekly gains of 8.1%.

Gaming Tokens can be seen as an escape