Blockchain gaming has reached a new milestone with 4.2 million daily active users in August, according to a recent DappRadar report.

The web3 gaming industry saw a 5% increase in daily unique active wallets (dUAW) last month despite falling to second place in terms of the most active crypto sector amid the AI boom.

Ronin keeps its dominance

Ronin continues to dominate the blockchain gaming landscape with the highest average number of Unique Active Wallets (UAW), which grew 24% in August to 1.32 million. Pixels and Forgotten Runiverse were the main games driving activity on the network during the month.

The second most active network was opBNB with 688,000 UAW during the period. The network experienced a 50% growth in active users, thanks to the game “SERAPH: In the Darkness” and the mobile games platform Gomble Games.

SKALE Network rounded out the top three most active blockchains for web3 gaming in August, recording a 10% growth during the month to hit 352,000 UAW on the back of games like motoDEX and World of Dypians.

Multichain ecosystem captures users

KGeN emerged as the leading gaming application last month, achieving over 2.3 million UAW. KGeN is a gaming ecosystem based on nine different blockchains that offers rewards and gamified quests for its users.

Immutable-based mobile title BoomLand recorded the second-largest number of active users during the month, gathering nearly 1.9 million UAW. Meanwhile, Pixels wrapped up the trio of most played games in August with 1.34 million UAW.

Additionally, the report highlighted the completion of the closed beta test phase of the MMORPG Lumiterra on Ronin. The game, which included a $1 million prize pool, reported a player retention rate of over 80% during the first seven days of the test and a total UAW of 728,000 UAW in August.

Nearly $580 million invested

Blockchain gaming is the crypto industry sector with the fifth-largest amount of capital raised from venture capital (VC) funds in 2024, according to RootData.

The gaming sector has captured nearly $580 million in investments so far, close to the $583 million gathered by centralized crypto platforms.

Notably, the amount raised by projects in the blockchain gaming industry this year is less than $100 million shy of the total $664 million raised last year.

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Meme coins have been sliding in recent weeks. According to Coingecko, all meme coins’ total market cap is around $42 billion.

Dogecoin remains the most valuable, with a market cap of over $15.4 billion, followed by Shiba Inu, which has a market cap of around $8 billion. It has been a turbulent few trading months for meme coins, whose valuation is down from over $65 billion in Q2 204.

WIF Struggling, Is This The “Most Bearish Meme Coin”?

Though Bitcoin is turning the corner, a development that can yank top altcoins like Solana and meme coins higher, one analyst is bearish on DogWifHat (WIF). According to Coingecko, WIF is one of the top meme coins on Solana, commanding a market cap of over $1.5 billion and a slot in the top 5.  

While WIF might be up over 98,000% after dropping to all-time lows of $0.00155 in December 2023, the token is down 68% from recent all-time highs. WIF prices exploded, riding on Solana expansion and the meme coin fever that swept across the industry in the first half of the year.

The analyst now thinks WIF will likely dump in the coming sessions. Driving this outlook is the state of the chart pattern, which points to weakness all through. From how the WIFUSDT chart is aligned, the token, the analyst claims, could be the “most bearish of all major meme coins.”

Bulls Have A Chance If Bitcoin Recovers, DogWifHat Finds Resistance At $2

While there is optimism that WIF could bounce and benefit from the market-wide recovery, the current bearish structure damps optimism. From the analyst’s assessment, buying the meme coin at spot prices is risky. The only time traders can consider loading WIF is once it breaks out from the descending wedge, as is evident in the daily chart.

In summary, WIF is down nearly 50% from July highs. Although prices recovered after the bounce in early August, buyers didn’t build sufficient momentum to reverse losses. The immediate resistance is $1.99, while support is $1.30.

For the uptrend to take shape, WIF bulls must break above $2, ideally with rising trading volume. In turn, this may set the momentum for another leg up that could see the token expand to as high as $3–or July highs in a bull bar continuation formation.