PIXEL, the Ethereum token of popular blockchain game Pixels, has seen an impressive $1.2 billion in trading volume since its launch on Monday morning, according to data from CoinMarketCap.
This places PIXEL as the 10th most-traded cryptocurrency across the entire market, outranking well-known cryptocurrencies such as Avalanche (AVAX), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) in terms of trading volume.
In addition, PIXEL has emerged as the most-traded gaming token in the past day, surpassing XAI, the token of Arbitrum’s layer-3 gaming network, which amassed $278 million in trading volume. Following closely is Ronin (RON), the network that Pixels runs on, with $150 million in trading volume.
The highly anticipated PIXEL launch has been met with enthusiasm from the crypto gaming community, as the game has seen a significant increase in player accounts after migrating from Polygon to Ronin. Moreover, the recent surprise airdrop of 20 million PIXEL tokens to RON stakers has further fueled interest in the game and its associated token.
As of today, PIXEL is trading at approximately $0.58, marking a 15% increase from its initial price. The current circulating supply of about 771 million PIXEL results in a market cap of $450 million. While the price briefly spiked to nearly $0.69 earlier in the day, it has since leveled off.
In conclusion, the launch of PIXEL has made a significant impact in the crypto gaming industry, positioning itself as a prominent player among the top cryptocurrencies and gaming tokens in terms of trading volume.
Disclaimer: The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.