Tuesday, June 6, 2023

Gaming Tokens Are Falling Fast As The Market Crash Continues

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The gaming tokens are falling fast with the market crash continuing and Ethereum feeling more pain as well so let’s read more today in our latest cryptocurrency news.

Ethereum and other altcoins are feeling more pain than ever while the gaming tokens are falling fast alongside the metaverse tokens as well. The cryptocurrency market is down 4% in the past day continuing the fallout from the recent crypto crash. Ethereum and Solana are falling faster than the market average alogn with the gaming and the metaverse tokens with the crypto market continuing to suffer after the month’s wider crash with the top coins hitting low prices that were not seen for more than a year.

The overall market is down 4% today as most coins like Ethereum and Solana posted bigger declines and the gaming tokens are seeing bigger drops. Ethereum dropped 7% in the past day as per the data from Coingecko and it is now at a price of $1,749 and fell further to $1,722 in the past day, dipping to a new low now seen from March 2021. at this time last year, Ethereum’s price was on the rise and set a new high which is a much different scenario than right now. Ethereum shed 37% of its value in the past 30 days and it is now down 64% from the peak price of $4,892 ETH suffered through technical issues this week with a major blockcahin reorganization process on the beacon chain that can help Ethereum transition to a better energy model via the upcoming Merge.

Source: Quantify Crypto

The concerns over the migration could have prompted Ethereum’s price action that lead to over $157 million worth of liqudations. Solana is another top coin that’s on the decline today and now is down by 9% in the past day to a current price of $42. it dropped to $40 earlier today which is the lowest point for the SOL since the coin surged in value during the bull market. Just like Ethereum, Solana faced a technical hitch this week but overnight, the network reported that hte clock was off by 30 minutes due to the long block times. Solana Labs co-founder Raj Gokal noted that the time disparity was normal and never affected anything, suggesting that the editorial coverage of the issue was getting into tabloid territory. However, the leading Solana NFT market Magic Eden, noted that the clock slippage negatively impacted the new NFT mint on the platform.

Other coins in the top 20 by total market cap are suffering as well like Cardano which is down 7% to $0.46 and Avalanche which is down 9% to under $23.

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