Avalanche Looks To Capitalize On GameFi Segment – Will This Give AVAX Some Boost?

Christian Encila

2 years ago

4 mins read

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Avalanche (AVAX) peaked at $20.31 on November 6 as it gave its best to recover from the bearish trend that engulfed the broader crypto market towards the tail-end of October and the opening days the current month.

However, on November 12, the cryptocurrency experienced a severe price correction that pulled it all the way down to $12.51. The following day, the altcoin made an immediate bounce-back as it reclaimed the $15 marker.

After that, Avalanche was once again on a downward trend that made it struggle to even just climb at $14. At the time of this writing, according to tracking from Coingecko, the 20th ranked digital currency in terms of market capitalization is changing hands at $13.50.

Over the last seven days, the asset has declined by more than 15% while during the past 30 days, its value dropped by 14.4%.

As it turns out, even an impressive growth in GameFi segment of the blockchain space is not enough to stop the bleeding for AVAX.

As Crypto Market Suffers, Avalanche Notches Growth Elsewhere

According to data shared on Twitter by Avalanche Talk, 10 GameFi projects running on the AVAX blockchain tallied significant increases in volume over the past week.

Province was the top gainer, posting an impressive 1,481.77% increase in volume in just a matter of seven days. Owloper (290.98%) was at second. Rounding up the top five were Dragon Crypto (279.76%), Hoppers Game (118.39%) and Step App (91.87%).

Meanwhile, RaceX (68.42%), Crabada (44.02%), XANA Metaverse (43.38%), Domi Online (41.42%) and BetSwirl (7.77%) also made the top 10-list of the indicator which aims to show how well a project is performing in a particular ecosystem.

TOP AVALANCHE GAMEFI WITH HIGHEST GROWING VOLUME 7D#GrowingVolume7D is an indicator of how well a project is performing across an ecosystem. Right now, let’s take a look at the #Avalanche gamefi projects with the highest growing volume in the last 7 days ?#Avax $Avax pic.twitter.com/yfFJDG70JN

— Avalanche Talk (@Avalanche_Talk) November 14, 2022

Although there is a glaring gap between the increase in volume recorded by the top and least gainer, the most important takeaway is that despite the crypto market being painted in red once again, these projects under the umbrella of the Avalanche ecosystem managed to perform relatively well.

This also served as a confirmation of the notion that the GameFi segment of the vast blockchain industry has already started its rapid growth.

No Immediate Impact Yet On AVAX Price

Much like the case of the Shiba Eternity game that was launched in hopes of helping Shiba Inu push its trading price to higher levels, these games running on the Avalanche network currently has little to no effect at all in terms of price trajectory.

The reason for this is that all of these games, and the GameFi segment in its entirety, is still too young to push demands for crypto assets in levels high enough to move an asset’s (in this case AVAX’s) spot trading prices up.

Still, this could prove to be a solid foundation that could help Avalanche and its AVAX token soar to greater heights in the near future.

AVAX total market cap at $4.07 billion on the daily chart | Featured image from Unsplash, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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