Crabada Rallies by 63% Despite Bearish Market

While most Cryptocurrencies continue to struggle in the bear market and drop value, some have gone against the tide to rise in value. The play to earn platform governance token, Crabada, is one of them.

Crabada Price Rises by 63%

The token has gained 63% in the past 24 hours to reach $0.67 from $0.40, according to data from CoinMarketCap. In fact, the current price is a drop from the 24 hour high of $1.06.

Crabada is a play-to-earn game based on Avalanche. This game allows players to mine, breed, and loot to expand their forces. The game was released in November 2021 and its roadmap shows there will be continuous development till the end of 2022. 

Players can earn CRA tokens which they can use to further their goals. The CRA token also doubles as the governance token that can be earned via staking too. 

The game has only been in existence for about two months, which means the token is fairly new. But it has already reached an all-time high of $2.4078 on November 22, 2021, days after its launch. Since then, the value has dropped significantly before finally rebounding in the past 24 hours. 

In the last 24 hours, it has a  trading volume of $5 million with a market cap of around $44 million.

The Rise of Play-to-Earn Tokens

This rally merely mirrors a wider pattern among play to earn tokens. In the past month, several governance tokens of play-to-earn platforms have seen significant increase in their value. Notable ones include GALA, MANA, SAND, and ILV. 

Per available data from DappRadar, over 50% of active crypto wallets linked to a decentralized application were for playing games –an indication that the space is enjoying patronage from the community.

The interest in play-to-earn platforms has increased significantly as interest in metaverse continues to grow. This surging interest was fueled by Facebook’s recent renaming into Meta plus the increasing number of enthusiasts who are piqued by the “Metaverse.”