Pixels Trading Volume Hits $1.2 Billion as Ethereum Gaming Token Tops Major Coins

PIXEL, the Ethereum token of popular blockchain game Pixels, has racked up more than $1.2 billion worth of trading volume since launching Monday morning, according to data from CoinMarketCap.

That makes it the 10th most-traded cryptocurrency across the entire market, based on the more than 8,800 coins that CoinMarketCap tracks. That means more PIXEL has been traded than some of the most popular cryptocurrencies, including Avalanche (AVAX), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) during the last day.

It’s also by far the most-traded gaming token over the past day. Next up behind it is XAI, the token of Arbitrum’s layer-3 gaming network, which has racked up $278 million worth of trading over the past day. XAI set a new all-time high price on Sunday after launching in January.

No other gaming coin has topped even the $200 million trading volume market during that span. In third place is Ronin (RON), the network that Pixels runs on, with $150 million worth of trading volume over the past day. Pixels awarded 20 million PIXEL tokens to RON stakers in a surprise airdrop announced over the weekend.

The PIXEL launch was long awaited by crypto gamers. Pixels has seen surging player accounts over the last few months after it migrated from Polygon to Ronin last fall, using play-to-airdrop campaigns to drive engagement and ultimately reward some 28,000 of the top players.

PIXEL is already up about 15% today to a current price of about $0.58, yielding a market cap of $450 million based on the current circulating supply of about 771 million PIXEL. It rose as high as nearly $0.69 earlier Monday, but has settled by nearly 15% since.

Edited by Ryan Ozawa.