Gaming tokens have spiked in recent days, but not all of them have been able to sustain the upswing. Case in point: MAVIA, the recently launched token of mobile strategy game Heroes of Mavia, has plunged sharply over the last two days, even after setting a new all-time high price.

MAVIA is down over 5% on the day to a price of about $8.00, according to data from CoinGecko, and the latest drop has accelerated a total 24% dip since the Ethereum token popped to a new peak price of $10.59 on Sunday.

Heroes of Mavia is an iOS and Android base-building strategy game similar to the smash hit Clash of Clans, albeit with planned crypto elements that have yet to be integrated. Skrice Studios’ game will implement the MAVIA token for certain benefits, along with NFT land plots sold long before the game’s January debut.

MAVIA’s latest spike came amid a broader surge for gaming tokens, with those tied to the Xai (XAI) and Beam (BEAM) gaming networks also setting all-time high prices, along with NFT trading card game Parallel (PRIME)—GG’s pick for the 2023 game of the year.

Gaming Tokens Ride Bitcoin, Ethereum Boom to All-Time High Prices

Crypto tokens tied to prominent blockchain games—and the networks that support them—are broadly surging amid the Bitcoin and Ethereum boom, with a number of tokens launched within the last year rising to new all-time high prices over the past day. The tokens tied to gaming networks Xai (XAI) and Beam (BEAM) are among those that reached new peak prices, according to data from CoinGecko, along with the tokens of crypto games Heroes of Mavia (MAVIA) and Parallel (PRIME). XAI, the token from the Arb...

The upswing came just after Skrice revealed a detailed roadmap for the game, which includes implementing some of those aforementioned crypto elements in the game, adding other gameplay features, and rolling out an additional period of MAVIA staking rewards for NFT land owners. Heroes of Mavia will soon announce an as-yet-unrevealed Ethereum scaling network for implementing such crypto components.

The recent dip on MAVIA may reflect investors and airdrop recipients cashing in on the massive surge in token price. Even at the current subdued price, MAVIA has jumped 338% in value since debuting at $1.83 just two weeks ago. The token has seen just shy of $99 million in trading volume over the past day—8th most among gaming tokens, per CoinGecko.

 NFT Revolution

'Heroes of Mavia' Airdrops Token to 100,000 Gamers, Ethereum NFT Owners

Heroes of Mavia, a recently released mobile strategy game, today launched its MAVIA token and conducted an airdrop to 100,000 players—along with holders of some 10,000 Ethereum NFT land plots in the game. The MAVIA token on Ethereum debuted early Tuesday and has spiked in value, jumping about 36% to a current price of nearly $3.10, per data from CoinGecko. The platform reported about $95 million worth of trading volume on exchanges like Bybit and Crypto.com, with a current market cap of over $92...

Heroes of Mavia targeted a sizable audience with its airdrop, offering a token claim to 100,000 early players alongside NFT land owners who had participated in previous staking campaigns. According to Skrice, the game has thus far racked up more than 2 million total downloads, with 278,000 daily active users as of Saturday.

Edited by Ryan Ozawa.