Popular blockchain farming and social game Pixels successfully introduced its PIXEL token on Monday morning as scheduled, following a series of play-to-airdrop campaigns and a rewards program on Binance Launchpool. The token's value has already seen a notable uptick.

PIXEL Token Sees Rapid Rise in Value

PIXEL is currently trading at over $0.58, according to data from CoinGecko, marking a 15.8% increase since its morning launch. With this current price, PIXEL boasts a market capitalization of $441 million based on its circulating supply, positioning the gaming token among the top 200 most valuable cryptocurrencies.

Approximately 771 million PIXEL tokens are circulating out of a maximum of 5 billion total tokens. This places the token's fully diluted valuation at over $2.8 billion.

Binance orchestrated a rewards campaign that offers 350 million PIXEL to customers who have started staking either Binance Coin (BNB) or the FDUSD stablecoin in liquidity pools for the forthcoming gaming tokens. Subsequently, Binance listed the PIXEL token as planned on Monday morning.

Surprise Airdrop and Pixel's Growing Influence

Over the weekend, the developers of Pixels surprised supporters with a 20 million PIXEL airdrop for those who had staked Ronin's RON token, providing an additional bonus to network enthusiasts.

Despite a slight dip early Monday, RON has seen a 17% increase in value over the past week, reaching a two-year high earlier this month at $3.49.

According to Daily Hodl, Pixels, a retro-style farming game reminiscent of classics like Harvest Moon and Stardew Valley, incorporates a crypto token economy and NFT land plots and pets. Built initially on Polygon, the game transitioned to Ronin, a gaming-centric sidechain, last fall, moving from one Ethereum scaling network to another.

According to Decrypt, the game's influence has significantly contributed to the burgeoning adoption of Ronin, which saw a surge from about 20,000 daily active users last fall to approximately 700,000 recently. Initially launched for Axie Infinity in 2021, Ronin has gradually welcomed more studios and games, solidifying its position as a prominent gaming blockchain network.

Participants in Pixels' play-to-airdrop campaigns received token allocations last week, which are now available for redemption following the generation of the PIXEL token on Monday.

Photo: Behnam Norouzi/Unsplash