Ronin gamers receive airdrop tokens as PIXEL debuts with a market capitalization of $441m.
Pixels, a blockchain-based farming and social game, introduced its PIXEL token on Monday, and it has experienced a significant increase in value since its launch. Through various play-to-airdrop campaigns and Binance’s Launchpool rewards program, the token saw a notable 22.7% rise on its first day, according to CoinGecko data.
With its circulating supply, the PIXEL token is currently trading at a price of over $0.58, which has propelled its market capitalization to $441 million. This valuation places PIXEL among the top 200 cryptocurrencies in terms of market value. Out of a total supply of five billion tokens, approximately 771 million PIXEL tokens are currently in circulation, indicating a potential fully diluted valuation that exceeds $2.8 billion.
Binance, a leading cryptocurrency exchange, facilitated the launch of the PIXEL token through its Launchpool platform. Users who staked Binance Coin (BNB) or the FDUSD stablecoin were offered 350 million PIXEL tokens. Subsequently, 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 encouraging participation in the network. Despite a slight dip in Ronin’s price early on Monday, it has gained 17% over the past week and reached 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 plots and pets. Initially developed on the Polygon network, the game migrated to Ronin, a gaming-focused sidechain, last fall. This transition has significantly contributed to the adoption of Ronin, as its daily active users have increased from around 20,000 last fall to approximately 700,000 recently.
