The Bitcoin network recently hit a milestone with its mining difficulty reaching an all-time high on April 10, 2024. This surge in difficulty coincides with the forthcoming Bitcoin halving event, expected to occur within the next 1,250 blocks. As mining Bitcoin becomes increasingly challenging, investors are exploring alternative cryptocurrencies with high growth potential.
In light of this shift, the focus turns to the burgeoning Play-to-Earn (P2E) sector. Particularly because P2E games are revolutionizing the gaming landscape by allowing players to earn real-world rewards through gameplay. This article explores analysts’ top 5 P2E coins for investment as Bitcoin halving looms
Play-to-Earn: The Future of Gaming and Crypto?
The P2E model (play-to-earn) has redefined the entire gaming sector as it enables players to make real-life money by taking part in gameplay activities. This non-traditional approach is overturning the customary blockchain gaming modalities; players now have the sole ownership right to their in-game assets, thereby enhancing monetization.
Meanwhile, the surge in P2E games is a testament to the endless potential that lies in GameFi, a dynamic category of the broader decentralized finance. This flagship concept enables game lovers to actively engage in an interactive gaming ecosystem and earn cryptocurrency or other valuable in-game assets.
While there is a promising future for P2E with a market projection of nearly $100B by 2028, the sustainability, authority distribution, and environmental price effect caused by blockchain technology is still a cause for concern. On the other hand, with technical advancement and acceptance rate improving P2E model, the model might become a core part of future gaming and cryptocurrency alike.
Analysts’ Top 5 Picks for the Best P2E Coin In 2024
$KANG
KangaMoon (KANG), a new meme coin project, has recently crossed the $5M funding milestone and aims to hit the $7M mark before the end of April 2024. This meme coin project wants to tap into the huge growth potential of the play-to-earn (P2E) market, which is expected to exceed $88B by 2028 as reported by Yahoo Finance.
Particularly, KangaMoon is building a P2E gaming ecosystem dubbed “Kangaverse” where the native KANG token will serve as the primary in-game currency. KANG holders will benefit from exclusive access to various battle contests, and periodic challenges, ultimately offering opportunities to earn additional tokens or in-game items.
Meanwhile, KangaMoon encourages community involvement by offering free KANG tokens to those that actively participate in the pre-launch stage through the engagement of promotional contents across their social media platforms. Given its community focus approaches, KangaMoon now boasts of a growing community of over 20,000 registered members, including over 6,000 token holders.
Currently priced at $0.0196 during Stage 5, the native KANG token has witnessed a massive surge of up to 290% from its initial $0.005 price. As the token advances through additional presale phases, experts believe that it could deliver even higher returns for early buyers, especially after listing on top-tier crypto exchanges (CEX) in Q2, potentially triggering a rise in its price up to $1.
$FLOKI
Floki (FLOKI) is a meme-inspired cryptocurrency carving a niche in the Play-to-Earn (P2E) space. Through its “Valhalla” gameplay, it intends to close the gap between games and non-fungible tokens (NFTs). In Valhalla, players can acquire FLOKI tokens for taking part in battles and quests. The project also expands its P2E vision with FlokiPlaces, an NFT metaverse where users can buy virtual lands and properties using the FLOKI token.
FLOKI’s market cap has already reached a $2 billion level, sparking talks about the involvement of large-scale investors. With the weekly trading price between $0.0001901 and $0.0001854 which represents slightly over 2% decline over the week, this token is still making its presence felt. Lastly, it’s trading volume which is $240.5 million position of Floki as one of the best P2E coins in the market.
$GALA
GALA is a pioneering platform for blockchain-based play-to-earn (P2E) games. Its native token, GALA, fuels the ecosystem, enabling players to purchase in-game assets, enter tournaments, and earn rewards. With ambitious expansion plans and a focus on user ownership, GALA is positioning itself as a frontrunner in the burgeoning P2E market. GALA has recently experienced a surge in trading activity, attracting new investors and boosting its market capitalization.
However, despite a noteworthy 46% price increase over the past year, the current price of GALA is hovering between a weekly range of $0.7181 and $0.05664, reflecting a 21% decline in the last month. While GALA’s performance looks promising on a year-to-date basis, experts are optimistic about a potential rebound in the coming days leading up to bitcoin halving.
$SAND
The Sandbox’s metaverse is a groundbreaking virtual space where the Sandbox’s users can unleash their creativity, build, and even monetize their own gaming experiences while receiving SAND tokens in return. SANDs concept of voxel-based environment and user-generated content has created a thriving community of game developers and players.
Meanwhile, the native SAND token of The Sandbox ecosystem is currently on a bearish trend. The falloff is evidenced in the decreasing number of wallet addresses, volumes of whales and trading relative to the volatility.
Moreso, this negative trend has further been influenced by last month’s performance which saw the SAND token fall by nearly 22%. However, experts are banking on the imminent altcoin rally and are optimistic about a possible rebound considering that The Sandbox project ranks highly among other P2E coins.
$MANA
Decentraland (MANA) is a decentralized virtual reality platform powered by the Ethereum blockchain, alongside its native MANA token, which is widely regarded as one of the best P2E coins. In this particular gameplay, users can purchase virtual land, develop and monetize applications and experiences.
Moreso, they can participate in various P2E activities within the Decentraland metaverse while earning MANA tokens for their contributions. Despite these developments, MANA has recently experienced a downward motion, declining by 17% over the past month to bring its monthly price range from $0.7461 to $0.5991. On the one hand, some analysts remain hopeful about MANAs price ability in the long run.
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