Bitcoin finally cracked $110,000, but the GameFi sector remained mostly flat this week, with only GOG notably bucking the trend.
TL;DR
- Bitcoin hits a new all-time high, but Web3 gaming remains muted.
- Gaming tokens see a jump in market cap, but trading volume slides.
- A low-cap gaming token surged nearly 300% this week, far outpacing the rest of the sector.
Bitcoin surged to a new all-time high of nearly $112,000 on May 22, also known as Bitcoin Pizza Day.
The rally reflects a broader shift in the macroeconomic environment, including easing U.S.–China trade tensions, a weakened U.S. Dollar Index, and Moody’s downgrade of U.S. debt. These developments have driven more capital into Bitcoin as investors reassess traditional stores of value.
This momentum hasn’t gone unnoticed. Investor sentiment, as measured by the CMC Greed and Fear Index, climbed sharply from 69 to 76, signaling heightened risk appetite.
Did the GameFi sector capitalize on this momentum, or is it playing catch-up? We have the receipts!
GameFi Sector Review
The GameFi sector was relatively flat this week, with its leading ecosystem tokens gaining just 4% in market value. Trading volume declined by 22%.
Meanwhile, the CMC Altcoin Season Index inched up only slightly, moving from 27 to 28. This is a minimal shift that indicates broader altcoin momentum remains limited.
One only has to look at the Bitcoin dominance chart at 63% to see that altcoins’ moment is not quite here yet.
Source: CoinMarketCap
Web3 gaming tokens ended the week on a positive note, with Guild of Guardians (GOG) leading sector gains, while most other tokens posted more moderate increases.
Top Gainers
- Guild of Guardians (GOG): +286.46%
- Mask Network (MASK): +40.16%
- Open Loot (OL): +27.12%
- inSure DeFi (SURE): +18.19%
- Virtuals Protocol (VIRTUALS): +17.19%
NEXPACE (NXPC), which ranked among last week's top performers, saw a reversal as capital shifted to other assets.
Top Decliners:
- Xterio (XTER): -34.72%
- NEXPACE (NXPC): -20.98%
- FUNToken (FUN): -20.66%
- League of Kingdoms Arena (LOKA): -12.58%
- Echelon Prime (PRIME): -11.88%
Data from DeFiLlama's narrative tracker shows the GameFi sector slipped from 13th to 14th place week-over-week.
Source: DeFiLlama
Web3 Gaming Activity This Week
Blum Co-Founder Arrested Amid Fraud Investigation
Vladimir Smerkis, co-founder of the Telegram-based crypto app Blum and former Binance executive, has been arrested in Moscow on large-scale fraud allegations.
While the charges may relate to earlier ventures like The Token Fund and Tokenbox, Blum has clarified that Smerkis is no longer involved with the project in any capacity.
Boxcat Launches on Gate With Airdrop for GT Holders
GameFi project Boxcat (BOXCAT) is set to debut globally on Gate.io with a 285,714-token airdrop for users holding at least 1 GT. The BOXCAT/USDT trading pair goes live on May 23, 2025.
WEMIX Introduces Mission System To Strengthen Ecosystem
WEMADE is launching a new Mission System on the WEMIX platform to increase user engagement and rebuild trust following a major hack earlier in 2025. The update aims to stabilize the ecosystem, enhance token utility, and reinforce platform value through community-focused features.
What You Can Do Now
- Keep an eye on altcoins as Bitcoin hits a new all-time high.
- Catch BOXCAT’s Gate.io debut and airdrop.
- Review your gaming tokens as trading volume drops.
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