Best gaming cryptocurrencies for June by development activity

Notably, the leading cryptocurrency by development activity in the gaming category has recently conquered this position that belonged to Decentraland. MultiversX, formerly Elrond, has gradually increased its presence among Web3 gamers and, especially, game developers throughout the year.

Looking at a year-over-year chart on , it is notable how the projects development activity suddenly started surging in January. The 7-day indicator jumped from 1097 to 1605 by press time, increasing 46% year-to-date.

MultiversX (EGLD) developments activity (7 days) and volume. Source: / Finbold (Vini Barbosa)

Interestingly, MultiversX is a layer-1 blockchain competing with Ethereum (ETH), Solana (SOL), Cardano (ADA), and similar cryptocurrencies.

It stands out for its presence in gaming and is the only fully operational blockchain that has completely implemented the sharding technology for high scalability while keeping running nodes accessible with low CPU requirements.

Meanwhile, the networks native token, EGLD, trades at 7-month lows, priced at $34.96. Nevertheless, a surging spot trading volume suggests the market interest could return to MultiversX, as suggested in the chart.

MultiversX total value locked in DeFi

From another perspective, MultiversX has managed to attract investors for its decentralized finance (DeFi) ecosystem. Essentially, the blockchain currently has $125 million in total value locked (TVL) among its protocols, ranking 39 against its competitors. Data is from , on June 8.

However, EGLD holds one of the best market cap-TVL ratios in the whole industry, considering a $952.5 million capitalization. The 7.54 MCap/TVL ratio suggests its token could be oversold in relation to the value its DeFi ecosystem currently has—offering a potential opportunity at these prices.

Top 37 to 41 chains by total value locked. Source: / Finbold

In closing, the gaming industry reached $184 billion in revenue last year, and forecasts expect it to reach $200 billion by 2024. reported this data that highlights the 45% dominance of mobile games in 2023, for $90.5 billion.

Therefore, even a small share of this market could significantly increase the market demand for the $1 billion-capitalization MultiversX.