PIXEL launches with $441m market cap, Ronin gamers receive airdrop tokens

Blockchain-based farming and social game Pixels launched its PIXEL token this Monday, seeing a notable increase in value after its debut.

Following a series of play-to-airdrop campaigns and a Binance Launchpool rewards program, the token has seen a noteworthy increase in value, with a 22.7% rise on its debut day, according to CoinGecko data.

Based on its circulating supply, the PIXEL token is trading at over $0.58, propelling its market capitalization to $441 million. This valuation places PIXEL among the top 200 cryptocurrencies in terms of market value. Approximately 771 million PIXEL tokens are circulated from a total supply of five billion, indicating a potential fully diluted valuation exceeding $2.8 billion.

Leading cryptocurrency exchange Binance facilitated the token’s launch through its Launchpool platform, offering 350 million PIXEL tokens to users who staked Binance Coin (BNB) or the FDUSD stablecoin. Following this, Binance listed PIXEL for trading.

Pixels also announced a 20 million PIXEL airdrop over the weekend for users who staked Ronin’s RON token, further incentivizing participation in the network. Despite a dip in Ronin’s price early Monday, it has gained 17% over the last week, reaching a two-year high of $3.49 earlier this month.

Pixels, reminiscent of classic farming games like Harvest Moon and Stardew Valley, integrates a crypto token economy with NFT-based land plots and pets. Initially developed on the Polygon network, the game migrated to Ronin, a sidechain focused on gaming, last fall. This move has significantly contributed to the adoption of Ronin, which saw its daily active users jump from around 20,000 last fall to roughly 700,000 recently.