Social Web3 Crypto PIXEL Price Jumps 18%, $1.4 Billion Volume on First Day

Bhushan Akolkar
February 20, 2024
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Pixels Price: Why is PIXEL price Rallying?

Highlights

  • On debut, PIXEL emerges among the top ten cryptocurrencies by daily trading volume.
  • PIXEL leads as the most actively traded gaming token, followed by XAI.
  • Along with native utility, PIXEL serves as governance token for the Pixels blockchain.

PIXEL, an Ethereum-based token and native cryptocurrency of social Web3 blockchain games Pixels, registered strong 18% gains within 24 hours of launch. At press time, the PIXEL price is up 15% trading at $0.5873 with a market cap of $452 million.

PIXEL Trading Volume At $1.4 Million

What’s more interesting about the PIXEL cryptocurrency is that its 24-hour trading volume has shot past a massive $1.4 billion. It currently ranks as the seventh-largest cryptocurrency in terms of daily trading volumes.

This means that during the past day, PIXEL has seen more trading activity than several well-known cryptocurrencies, such as Dogecoin (DOGE), Avalanche (AVAX), Cardano (ADA), and Polygon (MATIC).

Over the past day, PIXEL stands out as the most actively traded gaming token, surpassing its counterparts by a significant margin. Following closely behind is XAI, the token associated with Arbitrum’s layer-3 gaming network, which recorded a trading volume of $278 million within the same timeframe. Notably, XAI reached a new all-time high price on Sunday since its launch in January.

Comparatively, no other gaming coin managed to achieve a trading volume exceeding $200 million during this period. Rounding out the top three is Ronin (RON), the network supporting Pixels, with a trading volume of $150 million over the past day. In a surprising move over the weekend, Pixels rewarded RON stakers with 20 million PIXEL tokens through an unexpected airdrop.

The launch of PIXEL was highly anticipated by crypto gamers, with the platform experiencing a surge in player accounts in recent months. Since its migration from Polygon to Ronin last fall, Pixels has employed play-to-airdrop campaigns to boost engagement, ultimately rewarding approximately 28,000 of its top players.

What is Pixels?

Pixels (PIXEL) introduces players to an immersive social casual Web3 game experience, powered by the Ronin Network. Within this captivating open-world environment, players can also indulge in farming, exploration, and creativity to their heart’s content.

Now, let’s delve into the diverse roles of PIXEL, the native utility, and governance token, within the Pixels universe:

  1. In-game Currency: PIXEL serves as the primary currency within the game, facilitating various transactions and purchases.
  2. NFT Minting: All future NFT creations from Pixels will be exclusively available in PIXEL, adding value and uniqueness to digital assets.
  3. VIP Membership: Elevate your gaming journey by acquiring a VIP Battle Pass using the native token, unlocking exclusive perks and benefits.
  4. Guilds: Foster social connections and camaraderie by joining Guilds, an engaging social-fi feature within the game, accessible through the native token.
  5. Quality of Life Upgrades: Users can also enhance their gameplay experience with premium in-game features and enhancements, obtainable with PIXEL tokens.
  6. Governance: Beyond transactions, PIXEL holds a pivotal role in governing the community treasury, ensuring community involvement and decision-making.

Pixels launched on Monday with multiple play-to-airdrop campaigns along with the Binance Launchpool reward program. The alternative cryptocurrency project employed play-to-airdrop campaigns to boost engagement, encouraging participation and ultimately distributing rewards to the top 28,000 players.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.