Engage Top gaming cryptocurrencies for June based on development activity
Cryptocurrency gaming gained popularity during the last bullish trend, offering a fresh play-to-earn approach that combined investment with entertainment. However, many games rushed to market to capitalize on the trend, ultimately causing financial losses for both gamers and investors due to faulty and unsustainable economic models.
In light of this, Finbold delved into the current landscape of gaming cryptocurrencies and Web3 ecosystems that are experiencing the most development activity. This analysis aimed to provide investors and gamers with valuable insights into robust projects that are creating Web3 games to compete at the highest level in this cycle.
According to public data from Santiment, the top five cryptocurrency projects in the gaming sector were identified. MultiversX (EGLD) emerged as a standout with an activity score of 235.47 in the last 30 days, despite a 20.5% decline.
Decentraland (MANA) claimed the second spot with a development activity score of 144.23 and a 48.05% loss during the same period. Additionally, Nine Chronicles Gold, ImmutableX (IMX), and Skale (SKL) scored 102.7, 76.87, and 42.83, respectively.
MultiversX, formerly known as Elrond, has recently taken the lead in development activity among gaming cryptocurrencies, displacing Decentraland from its previous position. The project has been steadily gaining traction among Web3 gamers and developers throughout the year.
A year-over-year analysis on Santiment reveals a significant surge in development activity for MultiversX starting in January. The 7-day indicator saw a 46% increase year-to-date, rising from 1097 to 1605 at the time of writing.
MultiversX stands out as a layer-1 blockchain competitor to Ethereum (ETH), Solana (SOL), Cardano (ADA), and other similar cryptocurrencies. Its focus on gaming and the successful implementation of sharding technology for scalability while maintaining accessible nodes with low CPU requirements sets it apart in the market.
Despite the native token EGLD trading at 7-month lows at $34.96, a notable surge in spot trading volume indicates a potential resurgence of market interest in MultiversX.
On the DeFi front, MultiversX has attracted investors with its decentralized finance ecosystem, boasting a total value locked (TVL) of $125 million across its protocols, ranking 39th among its peers according to data from DefiLlama as of June 8.
With a market cap-TVL ratio that suggests EGLD may be oversold relative to the value of its DeFi ecosystem, there could be an opportunity for investors at current prices.
In conclusion, the gaming industry generated $184 billion in revenue last year, with forecasts predicting a rise to $200 billion by 2024. Mobile games are expected to dominate with a 45% market share in 2023, totaling $90.5 billion. Even a small share of this lucrative market could significantly boost demand for MultiversX, which currently boasts a $1 billion capitalization.
Disclaimer: The information provided in this article should not be construed as investment advice. Investing in cryptocurrencies is speculative and carries risks to your capital.
