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.