Gaming tokens have spiked in recent days, but not all of them have been able to sustain the upswing. Case in point: MAVIA, the recently launched token of mobile strategy game Heroes of Mavia, has plunged sharply over the last two days, even after setting a new all-time high price.
MAVIA is down over 5% on the day to a price of about $8.00, according to data from CoinGecko, and the latest drop has accelerated a total 24% dip since the Ethereum token popped to a new peak price of $10.59 on Sunday.
Heroes of Mavia is an iOS and Android base-building strategy game similar to the smash hit Clash of Clans, albeit with planned crypto elements that have yet to be integrated. Skrice Studios’ game will implement the MAVIA token for certain benefits, along with NFT land plots sold long before the game’s January debut.
MAVIA’s latest spike came amid a broader surge for gaming tokens, with those tied to the Xai (XAI) and Beam (BEAM) gaming networks also setting all-time high prices, along with NFT trading card game Parallel (PRIME)—GG’s pick for the 2023 game of the year.
The upswing came just after Skrice revealed a detailed roadmap for the game, which includes implementing some of those aforementioned crypto elements in the game, adding other gameplay features, and rolling out an additional period of MAVIA staking rewards for NFT land owners. Heroes of Mavia will soon announce an as-yet-unrevealed Ethereum scaling network for implementing such crypto components.
The recent dip on MAVIA may reflect investors and airdrop recipients cashing in on the massive surge in token price. Even at the current subdued price, MAVIA has jumped 338% in value since debuting at $1.83 just two weeks ago. The token has seen just shy of $99 million in trading volume over the past day—8th most among gaming tokens, per CoinGecko.
Heroes of Mavia targeted a sizable audience with its airdrop, offering a token claim to 100,000 early players alongside NFT land owners who had participated in previous staking campaigns. According to Skrice, the game has thus far racked up more than 2 million total downloads, with 278,000 daily active users as of Saturday.