Blockchain Gaming Tokens See Sharp Decline Amid Market Turbulence
Leading blockchain gaming tokens tied to Immutable, The Sandbox, and Gala Games are all down about 15% or more in the last 24 hours as Bitcoin and other major crypto assets fall amid macroeconomic uncertainty.
The gaming token category as a whole suffered one of the worst days among CoinGecko category rankings, dropping by 17% in the last 24 hours while the total crypto market dropped by about 7%.
Immutable’s IMX token is down 16% to $0.82, while The Sandbox (SAND) fell about 15% to $0.39 and GALA is down nearly 17% at $0.022. These tokens and others have rebounded in the last hour or two, but had shown daily losses of at least 22% earlier Monday.
The broader selloff comes amid a wave of volatility in the wake of tariff announcements from President Donald Trump over the weekend, suggesting himself that “there may be some pain” for Americans in a post on Truth Social.
That pain was felt in crypto markets during the last day with more than $2.3 billion in liquidations recorded by CoinGlass, and estimations of potentially as high as $8-10 billion worth according to claims by ByBit CEO Ben Zhou.
Among majors, Ethereum was dealt the worst blow, dropping about 13% in the last 24 hours. But the top gaming tokens have plunged even harder, as they tend to be volatile and act like meme coins at times with their wild price swings. Many of the top gaming tokens have some connection to Ethereum and its sidechains and layer-2 networks.
Other notable gaming tokens like Ronin’s RON token and AXS, the native token for notable Ronin game Axie Infinity, each dropped by more than 12% in the last 24 hours. Every gaming token in the top 400 cryptocurrencies (ranked by market cap) is in the red, with most of the posting a double-digit percentage loss over the last day.
Edited by Andrew Hayward