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The GameFi sector could be the next to explode in the ongoing crypto market bull run, many popular crypto traders and analysts have revealed.
The Bitcoin price has hit a new high of $72,700 to start the week. However, the Bitcoin dominance reversal has also started, with large-cap altcoins now significantly outperforming BTC. The BTC.D indicator failed to breakout above its multi-year resistance for the fifth-time since October of 2023, closing the last week in red.
As a result, experts believe that a massive altcoin season is on the horizon, with mid-cap and low-cap altcoin prices expected to go parabolic soon. With AI tokens and meme coins already soaring, GameFi and Play-To-Earn tokens could be next.
3 Best Play-To-Earn Tokens That Could Explode
The Game Developers Conference 2024, scheduled for 18th – 20th March, provides the ideal backdrop for Web3 gaming tokens to start going parabolic. After all, AI tokens also saw a strong price rally in anticipation of the upcoming NVIDIA GTC conference.
GameFi tokens that also feature other trendy concepts such as memes or artificial intelligence are especially in high demand and could offer lucrative returns.
We list the 3 best Play-To-Earn and GameFi tokens that could explode in the coming weeks.
Sponge V2 ($SPONGE)
Sponge V2 is our top pick for the best gaming tokens to invest in for the crypto bull market. It is a play-to-earn meme coin, inspired by the popular animated series SpongeBob SquarePants.
The first version of Sponge was launched in May of 2023 during the height of meme coin mania. It delivered 100x returns for the early investors, reaching a peak market capitalization of over $100 million. The token was launched on several Tier-1 CEXs and DEXs and boasted over 13,000 holders.
However, this version of Sponge was discontinued and a new and improved version – Sponge V2 – was launched on the Polygon network on 7th of February. The new meme coin has already delivered spectacular returns, skyrocketing 677% from its launch price of $0.00054 to an all-time high of $0.0042.
According to Dextools, Sponge already has a market capitalization of $117 million and is currently trading at $0.0029.
The Sponge project has launched a “Play-To-Earn Racer” game, which will allow players to earn additional $SPONGE rewards. Furthermore, they can stake their holdings and earn lucrative staking rewards – at 176% APY on Ethereum and 475% on Polygon.
Analysts such as Michael Wrubel and Franklin Emmanuel believe that Sponge could offer 100x – 200x returns during the current crypto bull run.
Floki ($FLOKI)
Floki is another GameFi meme coin that is poised to deliver explosive returns in the current bull market.
The meme coin considers its mission to bring power to the people through “GameFi, DeFi and crypto education”. It has launched its Play-to-Earn NFT Metaverse – Valhalla – which allows players to not only earn more $FLOKI crypto but also other Metaverse rewards such as FlokiPlaces. This game is currently available on the Testnet.
The project organizes regular events such as the Valhalla Selfie Challenge with a $7800 prize pool and live gameplays to popularize the game. Recently, the project decided to organize a Valhalla Bonfire Event with a $10,000 prize pool in which $44 million worth of $FLOKI tokens were burned.
Floki crypto has already witnessed strong growth, rallying by over 750% in the past 30 days. Analysts believe that Floki could be this bull run’s Dogecoin, thanks to its high-utility attributes such as its staking program and the FlokiFi locker. Currently, Floki has a TVL of $756 million, which is higher than the combined TVL of Dogecoin, Shiba Inu, Pepe, Bonk and Dogwifhat.
The meme coin has also recently been listed on several new exchanges such as Signapore’s Coinhako and Middle East’s CoinMENA.
Gala ($GALA)
Gala is the currently the third-largest GameFi cryptocurrency on CoinGecko and is backed by several top crypto influencers to be one of the best Play-To-Earn tokens to invest in.
$GALA has recently been in the spotlight due to its explosive bull rally as it surged 200% in the past 30 days and over 50% % in the past week alone. It is currently trading at $0.074 with a market capitalization of $2.6 billion.
Gala is a Web3 gaming ecosystem, featuring several popular P2E games such as Champions Arena, Fortitude and Spider Tanks. The $GALA token is the medium of exchange in the ecosystem.
According to intelligence firm Nansen, the majority of $GALA tokens are held by wallets for more than 90 days, suggesting that it has mostly long-term holders who have no intention of profit-taking. Additionally, the token’s all-time high is at $0.82, which means investors buying $GALA today could potentially earn more than 10x returns in the upcoming weeks.
According to popular trader Crypto Tony, the bullish narrative surrounding Gala remains validated as long as its price holds above the $0.06 supply zone.
*Cryptonomist did not write the article or test the platform.
