Pixels, a blockchain-based farming and social game, debuted its PIXEL token on Monday, and since then, its value has significantly increased.
The token’s value has increased significantly after a number of play-to-airdrop campaigns and a Binance Launchpool rewards program; CoinGecko data shows a 22.7% spike on the token’s launch day.
The PIXEL coin is selling at more than $0.58 based on its circulating supply, which has increased its market capitalization to $441 million. According to this estimation, PIXEL’s market value is among the top 200 cryptocurrencies. Out of the five billion tokens in total production, about 771 million are in circulation, suggesting a fully diluted price of well about $2.8 billion.
With its Launchpool platform, popular cryptocurrency exchange Binance enabled the token’s launch and gave 350 million PIXEL tokens to users that staked the FDUSD stablecoin or Binance Coin (BNB). Binance then made PIXEL available for trading.
To further encourage people to participate in the network, Pixels also announced a 20 million PIXEL airdrop over the weekend for those that staked Ronin’s RON token. Ronin’s price has increased 17% over the past week despite a decline early on Monday; earlier this month, it hit a two-year high of $3.49.
Pixels combines an NFT-based land plot and pet economy with a cryptocurrency token economy, bringing to mind old-school agricultural games like Harvest Moon and Stardew Valley. The game was first created on the Polygon network and moved to Ronin, a gaming-focused sidechain, last autumn. The adoption of Ronin has increased dramatically as a result of this action; its daily active user base has increased from about 20,000 in the fall of last year to about 700,000 as of late.