A relatively new type of coin, gaming coins have become popular. These coins combine two extremely popular industries – cryptocurrency and video games. Many online games use cryptocurrency as the in-game currency. Illuvium is one example.
Plasma and roll-up are part of the Tokemak Network, which increases interoperability, scalability, functionality, and usability and TOKE is the token associated with it. Finally, LCX is an Ethereum token that is used to pay for fees on the LCX Exchange. Recently, Bitcoin (BTC) made a run at $64,000 and Ether (ETH) hit an all-time high above $4,500. Messari data shows that 31 tokens established new record-highs in the past 24 hours and the total cryptocurrency market cap increased overnight from $2.619 trillion to $2.732 trillion. Let’s take a closer look at the motivations behind the rallies in LCX, Illuvium (ILV) and Tokemak (TOKE).
LCX benefits from Coinbase & Bitrue listings
LCX is a native token of Liechtenstein Cryptoassets Exchange, which was established in 2018. The platform is currently in possession of at least eight cryptocurrency-related registrations from the Financial Market Authority Liechtenstein, which allows it to legally offer exchange services and security token offerings (STOs). Data from CoinGecko shows that since hitting a low of $0.125 on Oct. 17, LCX has rallied 250% to reach a daily high of $0.44 on Nov. 2 as its 24-hour trading volume spiked 257% to $18.3 million. The spike in price and volume comes one day after LCX tokens were listed on Coinbase Pro and the Singapore-based Bitrue exchange.
Illuvium price reaches all time high of $1231
The core idea behind Illuvium is to become the first AAA-rated blockchain-based game that incorporates aspects of decentralized finance (DeFi) and nonfungible tokens (NFTs) using the Ethereum network. After hitting a low of $452.9 on Sept. 29, the price of ILV has risen 171% to reach a new record high at $1,231 on Nov. 2 as its 24-hour trading volume jumped 122% to $105 million. ILV has gained momentum following the release of raw gameplay footage of the platform. Gamers were given their first taste of the Illuvium ecosystem through this event.
Tokemak allows staking of Alchemix (ALCX) &Olympus (OHM) tokens
Across the DeFi ecosystem, Tokemak is a decentralized liquidity and market-making protocol that provides “efficient and sustainable liquidity.” From a low of $29.98 on Sept. 21, the price of TOKE has increased 145.65% to reach a new record high at $73.27 on Nov. 2 as 24-hour trading activity remained relatively stable near $8 million.
The steady increase in TOKE’s price comes as the total value locked on Tokemak reached a new all-time high of $767.9 million, according to Defi Llama. Tokemak recently rolled out token reactors on the dashboard, so users can earn TOKE rewards by staking tokens from other protocols such as Alchemix (ALCX) and Olympus (OHM). Bitcoin dominates the cryptocurrency market with a dominance rate of 43.8%. When making investment and trading decisions, you should do your own research.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
