GameFi tokens became a neglected existence after the harsh market of 2025, dropping by about 75% annually, with investor interest nearly disappearing. However, different signs have begun to appear in early 2026.
In some game-specific chains, the utilization data and prices have quietly started to rise. Although it is still in the early stages, the numbers suggest stabilization in GameFi after several months. Notably, some tokens are showing movements ahead of others.
Signs of renewed vitality in GameFi, and the background is
The first signs are appearing in on-chain usage.
Analyzing EVM chain related data from Dune Analytics at the beginning of 2026, the average number of transactions per active wallet was particularly noteworthy. This is not just the number of wallets but an indicator of usage depth. For four consecutive days, the gaming layer B3 built on Base topped this metric among major chains, surpassing Optimism, Mantle, and Flow.
This is important because actual gaming behavior appears as repeated actions by the same users.
Base itself also supports this movement. In addition to B3's dominance in usage per wallet, Base ranks high in total transaction volume during the same period. This indicates that gaming activity is boosting overall network usage.
This movement can also be seen in Sei, another game-focused chain. In recent days, Sei has continued to show stable growth in daily unique addresses.
Looking further, DappRadar's data shows that multiple games built on Sei are rapidly increasing in active wallet numbers, reaching new highs per 24 hours.
Context is important for understanding this situation. GameFi has seen a drop of approximately 75% in 2025.
As we enter the first month of 2026, as pointed out by experts like Animoca Brands Chairman Yat Siu, these signals are overlapping.
This does not mean that GameFi has fully revived. However, it suggests that the worst abandoned period is passing.
When asked what is truly needed for the recovery of GameFi, aside from short-term price fluctuations, Animoca Brands CEO Lobby Young provided exclusive comments to BeInCrypto, stating the following.
"As is often the case for GameFi as a whole, I believe a solid and attractive product that serves as the foundation for the token is necessary," he stated.
What draws attention here is price. Some leading GameFi tokens have already begun to show reactions.
Axie Infinity (AXS): Sentiment surges align with structure.
Axie Infinity is emerging as one of the leading candidates for the rebound in GameFi. AXS has risen about 117% over the past seven days, showing outstanding price movement among major gaming tokens in January.
One reason Axie leads others is the improvement in sentiment due to changing community perceptions of the project. On January 17, positive sentiment for AXS soared to 8.31, reaching the highest level in over six months. Positive sentiment indicates how much favorable discussion there is about the token on social media and on-chain, and such a surge strongly suggests a rise in new interest rather than speculative activity at the end.
Such changes in sentiment overlap with the recent positive factors pointed out directly by Lobby Young regarding Axie.
"The trigger this time was the change in the tokenomics model of AXS, which was highly praised by the community. This brought back the community's vitality and increased buying. It is entirely a grassroots movement," he stated.
This sentiment has somewhat calmed down, but it still maintains a high level compared to recent weeks, continuing to draw attention to AXS.
In terms of price, AXS began to rise in early January and is currently in a phase of adjustment following a sharp increase. This stagnation resembles a bullish flag pattern, absorbing profits while continuing the trend. As long as it maintains a high price range, this pattern indicates a favorable state rather than exhaustion.
Trend support is converging. The 20-day exponential moving average (EMA) is rising and approaching the 100-day EMA. This 100-day EMA often serves as a filter for medium-term trends. If a bullish crossover is confirmed, the likelihood of continuation increases. If it clearly breaks above $2.20 on the daily, it will mark the end of the adjustment and could lead to moves toward $3.11 and beyond.
The invalidation level is clear. If it trades below $1.98, the upward structure will weaken. Furthermore, if it falls below $1.63 or clearly breaks below the 100-day moving average, the setup itself will be negated.
Sandbox: The Axie effect is spreading to major GameFi.
Sandbox is also beginning to follow the movements of Axie Infinity, indicating that the recovery of GameFi is not limited to a single token. SAND has risen about 27% over the past seven days and about 9% in the last 24 hours. This is a noteworthy movement among top gaming tokens by market cap.
The order is important. The first to move was Axie, and Sandbox is responding to that. Even though SAND has a higher market cap, this trend persists. Lobby Young also explained that "Axie often determines the trends of the entire GameFi," illustrating the dynamism of the entire industry.
"AXS is exactly a benchmark in this field, and if there is movement there, it is likely to be good news for the entire industry," he stated.
On-chain data also supports the bullish outlook. Since January 16, the balance of SAND inflows and outflows to exchanges has changed significantly. At the beginning of the month, the exchange balance showed a net inflow of approximately 4.36 million SAND, indicating high selling pressure. Now it stands at a net outflow of about 2.33 million SAND, indicating that SAND is being withdrawn from exchanges rather than sold.
As prices rise, buying pressure is also increasing, signaling positively for large tokens.
From the perspective of price structure, SAND is forming a cup and handle pattern. The base was formed through December, with a strong rebound in early January. It is currently in a consolidation phase (handle). If it clearly breaks above $0.168 on the daily, it could expand to $0.190 and even around $0.227 with a neckline breakout.
The conditions for invalidation are also clear. If it drops below $0.145, the structure will weaken, and falling below $0.106 will completely collapse the bullish scenario.
Decentraland shows signs of early investment with large whale holdings.
Decentraland has shown the weakest movement among major GameFi tokens recently, but this seems to be attracting the attention of large funds. MANA has risen about 7% in the last 24 hours and about 15% over the past seven days. In terms of growth rate, it lags behind Axie Infinity and Sandbox.
It is noteworthy how whales acted during this relatively low performance.
Since January 17, the total holdings of wallets holding large amounts of MANA tokens increased from about 1 billion to 1 billion 200 million. In other words, there was an increase of about 20 million MANA (about $3.2 million) in just a few days. At one point it reached 1 billion 300 million, but after a slight profit-taking, it quickly turned back to accumulation, suggesting more of a position building than distribution.
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From the perspective of price structure, MANA seems to be breaking out of an inverted head and shoulders pattern on the daily chart. If this pattern is established, it often marks a turning point for recovery from a downtrend. The breakout zone is around $0.159, and the stronger the closing price, the more strength it gains.
To confirm, MANA needs to close above $0.161 on the daily. If maintained, the upward targets may expand to $0.177, $0.20, and even around $0.221. If the momentum of GameFi strengthens, a strong resistance band will appear around $0.24.
On the other hand, if it drops below $0.152 again, the breakout will weaken. If it falls below $0.137, the overall structure will be negated.
MANA may have been the last to move, but looking at the actions of whales, if the topic of GameFi reignites, this situation may change dramatically.
