There is a noteworthy Ethereum gaming altcoin that has recently gained attention. Read on for the latest updates.

New altcoins’s price explodes

Despite a downward trend in the crypto market, Echelon Prime (PRIME), a lesser-known Ethereum (ETH) gaming altcoin, has surged by 42% over the past seven days.

Echelon Prime (PRIME) is a web3 platform that aims to advance the next generation of gaming. According to their website, they provide tools to encourage innovation and promote the growth of new gaming models and economies.

As of now, the PRIME token is trading at $3.88, up from around $2.73 a week ago. This 295th-ranked crypto asset by market cap has also seen an increase of nearly 12% in the past 24 hours.

Earlier this week, Echelon shared a proposal for a grant that the community can vote on. If approved, the grant will be given to Funge Labs’ non-fungible token (NFT) game called “What the Funge”.

The grant application describes the game as the world’s first NFT bar fight simulator, where players can compete for eternal conquest, glory, and PRIME.

Although the gameplay is easy to understand, it has a high skill ceiling, making it a rewarding competitive experience. Despite a recent price increase, PRIME is still down by over 31% from its all-time high of $5.68, which it reached in March. This high point occurred shortly after the top US crypto exchange, Coinbase, listed the asset.

In other news, Santiment crypto analytics reveal that most altcoins are undervalued and have yet to reach their full potential. This has left investors unsure about how quickly the markets can bounce back.

Santiment has used a market value to realized value (MVRV) metric to determine whether a crypto asset is over or undervalued.

According to this metric, the majority of altcoins are currently trading in the underbought zone. Although traders have mixed opinions about the market’s future, the significant drop in market caps has created a historic opportunity for cryptocurrency returns.

Leave a Comment