Market capitalization of gaming tokens surpasses 30 billion whats next

What is propelling the gaming tokens market cap over $30 billion, and which tokens are leading this surge?
The gaming crypto tokens are currently basking in the spotlight, igniting enthusiasm among traders with a wave of optimistic market sentiments.
In the past week, the market cap for gaming crypto tokens has surged by almost 11%, surpassing $30 billion as of June 6, as reported by CoinMarketCap.
What’s the real story behind this?
Table of Contents
The Remarkable Rise of Notcoin
Floki’s Steady Ascent
Thriving Crypto Gaming Market
Unpacking the Excitement: Ethereum’s Account Abstraction and Layer-3 Solutions
The Remarkable Rise of Notcoin
At the forefront of this surge is Notcoin (NOT), which has witnessed an astonishing 135% increase in value, now valued at $0.02187.
Notcoin one-week price chart | Source: CoinMarketCap
Against this backdrop, Notcoin’s market cap has skyrocketed to $2.24 billion, positioning it comfortably within the top 50 cryptocurrencies by market cap.
With 24-hour trading volumes surpassing $1.8 billion, it also ranks 9th among the most traded crypto assets.
A key driver behind Notcoin’s surge is its integration with Telegram. This collaboration enables Telegram’s extensive user base—comprising over 1.5 billion registered users and more than 800 million active users— to easily access and utilize Notcoin.
What distinguishes this platform is the Play-to-Earn (P2E) model introduced by Notcoin on Telegram. Users can partake in various games and tasks directly within the Telegram app and earn Notcoin as a reward.
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Floki’s Steady Ascent
Following closely behind Notcoin is Floki (FLOKI), which has surged by over 30% in the past week and has seen a remarkable 64% increase over the last month, trading at $0.000315.
FLOKI one-week price chart | Source: CoinMarketCap
The recent uptick in Floki’s value can be attributed to a move by the crypto trading firm DWF Labs. They have announced intentions to acquire $12 million worth of FLOKI tokens from the open market and the Floki treasury.
https://twitter.com/el_crypto_prof/status/1798114366887243883
This initiative follows a previous commitment in February 2024, where DWF Labs purchased $10 million worth of FLOKI tokens, resulting in a 50% price surge the following week.
The Floki team is also gearing up to launch the mainnet version of its flagship utility product, the Valhalla metaverse game, later this year. DWF’s substantial investments are anticipated to bolster this initiative and provide the requisite liquidity for growth.
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Thriving Crypto Gaming Market
The crypto gaming market is abuzz with excitement, fueled by recent advancements and significant investments.
A notable move is the Xai Foundation’s collaboration with venture capital firm Outlier Ventures to introduce the Xai Tokenomics Bootcamp, aimed at integrating traditional Web2 developers into the crypto realm.
This bootcamp is designed to assist developers in transitioning from conventional gaming models to blockchain-based ones, emphasizing game asset ownership, token utilization, player rewards, and enhanced security.
Meanwhile, the first quarter of 2024 has been favorable to the crypto market. The resolution of the crypto industry’s prolonged battle against the SEC and the approval of spot Bitcoin ETFs in the U.S. have revitalized investor confidence.
The positive momentum has spilled over into the Web3 gaming sector. According to DappRadar, investments in the first quarter alone reached $288 million, with April witnessing investments surge to $988 million, marking the highest monthly investment since January 2021.
Moreover, the average unique active wallets for gaming dApps nearly reached 3 million daily in April, setting a record-breaking figure, accounting for almost 28% of the entire dApp industry.
Major players like a16z, Bitcraft Ventures, and Ubisoft Studios are pouring investments into this sector, underscoring their strong belief in the future of Web3 gaming.
This surge in investment evokes memories of early 2021, when groundbreaking technologies like NFTs and DeFi protocols fueled immense interest. What is fueling this excitement?
Unpacking the Excitement: Ethereum’s Account Abstraction and Layer-3 Solutions
This time, the buzz surrounds Ethereum’s (ETH) new technology known as Account Abstraction and the emergence of Layer-3 blockchain solutions.
Account Abstraction replaces traditional wallets with programmable smart contracts, enhancing user experience by eliminating the need for seed phrases and enabling familiar login methods like email or Google accounts. It also introduces sponsored transactions to alleviate gas fees.
Layer-3 solutions, or application-specific blockchains, expedite transactions and reduce costs. When combined with Account Abstraction, these technologies promise a seamless, free-to-play gaming experience that rivals, if not surpasses, traditional Web2 games.
Consequently, the prevailing trends suggest that the ongoing bull market may also benefit the crypto gaming market, with potential for further surges in the days ahead. Nevertheless, exercise caution in trading and avoid investing more than you can afford to lose.
Disclosure: This article is for educational purposes only and does not constitute investment advice. The content and materials presented are intended for informational purposes.