Pixels, the blockchain-based social and farming game, launched its PIXEL token this Monday and saw a notable increase in its value after its debut.
Following a series of gamification and airdrop campaigns and a Binance Launchpool rewards program, the token has seen a notable rise in value, rising 22.7% on its debut day, according to CoinGecko Data.
Based on its circulating supply, the PIXEL token is trading at over $0.58, bringing its market capitalization to $441 million. This valuation places PIXEL among the top 200 cryptocurrencies in terms of market value. Approximately 771 million PIXEL tokens are circulating out of a total supply of five billion, indicating a fully diluted potential valuation exceeding $2.8 billion.
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Leading cryptocurrency exchange Binance facilitated the token launch through its Launchpool platform, offering 350 million PIXEL tokens to users who staked Binance Coin (BNB) or the FDUSD stablecoin. Following this, Binance listed PIXEL for trading.
Pixels also announced a 20 million PIXEL airdrop over the weekend for users who staked Ronin's RON token, further incentivizing participation in the network. Despite a drop in Ronin's price early Monday, it has gained 17% over the past week, hitting a two-year high of $3.49 earlier this month.
Reminiscent of classic farming games like Harvest Moon and Stardew Valley, Pixels integrates a crypto token economy with nft-based land and pets. Initially developed on the Polygon network, the game migrated to Ronin, a gaming-focused sidechain, last fall. This move has significantly contributed to the adoption of Ronin, whose daily active users went from around 20,000 last fall to approximately 700,000 recently.
