Pixel, one of the largest Web3 games in terms of daily active users, has seen its valuation soar to nearly $3 billion following the listing of its token on the cryptocurrency exchange Binance.
Pixel, a leading Web3 game boasting a significant daily active user count, has surged in valuation to $3 billion following its recent token listing on the Binance cryptocurrency exchange.
As of the latest update, the PIXEL token is trading at $0.5385, marking an astounding 1,246% increase from its initial listing price of $0.04 on Binance on February 19th. With a diluted market capitalization of $2.65 billion, the project has experienced remarkable growth since its token listing.
Last September, Pixel made headlines with its migration from Polygon to Sky Mavis’ Ronin Web3 gaming blockchain, citing the latter’s strong gaming-focused user base as a key factor in the decision.
According to data from DappRadar, the game currently boasts 531,850 wallets actively engaging with its social community, representing a notable 47.9% increase over the past month alone.
Pixels offers players a laid-back adventure experience, allowing them to engage in activities such as farming, exploration, land ownership, and the trading of nonfungible tokens (NFTs) within the community. However, despite the surge in the Pixel token’s value, the protocol’s in-game token, Berry, has not experienced a comparable increase, resulting in a significant discrepancy in terms of gaming transactions.
Following a significant hack in 2022, the Ronin blockchain has experienced a resurgence this year, with its token value returning to pre-hack levels. Additionally, the total value locked in the blockchain has rebounded to $214 million, primarily driven by the native decentralized exchange Katana, which accounts for 99% of the volume.
Insider Trading Concerns Surround Ronin Token Listing on Binance
The Ronin (RON) token was listed on Binance on February 5 but faced immediate challenges as its price quickly plummeted. This decline was attributed to an accumulation of RON by insiders, who subsequently sold their holdings after the token’s listing, causing a sharp drop in its value. Yi He, the co-founder of Binance and spouse of former CEO Changpeng Zhao, addressed the issue, acknowledging the need for stricter internal controls to prevent similar incidents in the future. He emphasized the importance of separating the listing team from project research teams to mitigate the risk of information leaks.
In an interview with Cointelegraph, Aleksander Larsen, co-founder of Sky Mavis, shed light on Ronin’s role in integrating successful Web3 games into the Mavis Hub. This platform serves as a Steam-like platform for game curation within the protocol. Larsen expressed optimism about onboarding 16 blockchain games onto Ronin throughout the year, highlighting the potential for growth and integration within the Web3 gaming ecosystem.
