GameFi tokens were left for dead after a brutal 2025. The sector ended the year down roughly 75%, wiping out most investor interest. But early 2026 is starting to show something different.
Usage data and prices are quietly turning up across a few gaming-focused chains. It is still early, but for the first time in months, the numbers suggest GameFi may be stabilizing — with a handful of tokens moving first.
GameFi Is Showing Early Signs of Life Again — What Gives
The first signal comes from on-chain usage.
While scanning early-2026 Dune analytics dashboard data across EVM chains, one metric stood out: average transactions per active wallet. This measures the depth of activity, not just the wallet count. Over the past four consecutive days, B3, the gaming layer built on Base, has led all major chains on this metric, beating Optimism, Mantle, Flow, and others.
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That matters because real gaming behavior shows up as repeated actions by the same users.
Base itself is reinforcing this signal. Beyond B3’s dominance in per-wallet activity, Base has also ranked near the top in total daily transactions over the same period, indicating that gaming activity is feeding into broader network usage.
A similar pattern is appearing on Sei, another gaming-heavy chain. Over the past several days, Sei has consistently stood out in daily unique addresses.
When broken down further, DappRadar data shows multiple Sei-based games posting sharp 24-hour growth in active wallets.
Context matters here. GameFi fell nearly 75% in 2025.
As the first month of 2026 begins, these signals are starting to line up, as highlighted by experts like Yat Siu, Chairman of Animoca Brands.
This does not mean GameFi is back in full force. But it does suggest that the worst phase of abandonment may be passing.
When asked what really matters for a GameFi recovery, and which signs investors should focus on beyond short-term price moves, Robby Yung, CEO of Animoca Brands, said in an exclusive commentary to BeInCrypto:
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“For the GameFi category in general, I think that there needs to be a solid, engaging product underlying the token (as always),” he said.
That brings the focus to price. A small group of established GameFi tokens is already responding.
Axie Infinity (AXS): Sentiment Surge and Structure Align
Axie Infinity is emerging as one of the strongest leaders in the GameFi rebound. AXS is up roughly 117% over the past seven days, clearly outperforming most large-cap gaming tokens as January progresses.
One reason Axie is moving ahead of the pack is improving sentiment, driven by a shift in how the community views the project. On January 17, positive sentiment for AXS spiked to 8.31, the highest level seen in over six months. Positive sentiment tracks how often a token is discussed favorably across social and on-chain channels, and spikes of this size usually reflect renewed engagement rather than late-stage speculation.
That sentiment shift lines up with a fundamental catalyst highlighted directly by Robby Yung, who addressed Axie’s recent strength:
“The catalyst, in this case, was a change in the tokenomic model for AXS, which was very well-received by the community, and led to an uptick in buying as the community was reinvigorated, so this is very much a grass roots-led movement,” he mentioned.
While that sentiment reading has cooled slightly, it remains elevated compared to recent weeks, keeping attention focused on AXS.
From a price perspective, AXS began its rally in early January and is now consolidating after a sharp vertical move. This pause resembles a bull-flag structure, where price digests gains without breaking the trend. As long as higher lows continue to hold, the pattern remains constructive rather than exhausted.
Trend support is tightening. The 20-day exponential moving average (EMA) is rising toward the 100-day exponential moving average, which often acts as a medium-term trend filter. A confirmed bullish crossover would reinforce the continuation case. A clean daily close above $2.20 would signal a breakout from consolidation and open upside toward $3.11 and even higher.
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Invalidation levels are well defined. A sustained drop below $1.98 would weaken the bullish structure. A deeper move below $1.63 and eventually the 100-day moving average line would invalidate the setup.
The Sandbox (SAND): Axie’s Bellwether Effect Spills Into Larger GameFi Tokens
The Sandbox is beginning to follow Axie Infinity’s lead, reinforcing the idea that the GameFi rebound is spreading beyond a single token. SAND is up roughly 27% over the past seven days and nearly 9% in the last 24 hours, a notable move for one of the largest gaming tokens by market value.
That sequencing matters. Axie moved first, and Sandbox is reacting after, despite SAND being the leader in terms of market cap. This lines up with how Robby Yung framed the sector dynamic, noting that Axie often sets the tone for broader GameFi moves. As he put it,
“AXS is very much a bellwether in this category, so when we see movement there, it’s likely to be good news for the rest of the sector,” he said.
On-chain data supports the positive outlook. Since January 16, SAND’s exchange flow balance has flipped sharply. Earlier in the month, exchange balances showed net inflows of about 4.36 million SAND, signaling active selling. That has now reversed into net outflows of roughly 2.33 million SAND, meaning tokens are being pulled off exchanges rather than prepared for sale.
Buying pressure rising alongside price strength is a constructive signal, especially for a large-cap token.
From a price structure standpoint, SAND is forming a cup-and-handle pattern, another breakout formation. The rounded base developed through December, followed by a strong recovery leg in early January. Price is now consolidating in the handle zone. A clean daily close above $0.168 would break the neckline and open upside toward $0.190, with extension potential toward the $0.227 zone.
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Invalidation remains clear. Losing $0.145 weakens the structure, while a drop below $0.106 would invalidate the bullish setup entirely.
Decentraland (MANA): Whale Accumulation Signals Early Positioning
Decentraland is the weakest short-term performer among leading GameFi tokens, but that may be exactly why it is attracting big money. MANA is up about 7% over the past 24 hours and roughly 15% over the past seven days, lagging Axie Infinity and The Sandbox in percentage terms.
What stands out is how whales are positioned during that relative underperformance.
Since January 17, wallets holding large MANA balances have increased their combined holdings from roughly 1.00 billion tokens to 1.02 billion, an addition of about 20 million MANA, almost $3.2 million, in just a few days. At one point, whale balances briefly reached 1.03 billion before some light trimming. That pullback was shallow and followed by renewed accumulation, suggesting positioning rather than distribution.
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From a price structure perspective, MANA appears to be breaking out of an inverse head-and-shoulders pattern on the daily chart. This pattern often marks a transition from downtrend to recovery when it holds. The breakout zone sits near $0.159, with strength improving on higher closes.
For confirmation, MANA needs a daily close above $0.161. If that holds, upside targets open near $0.177, $0.20, and potentially $0.221, with extended resistance near $0.24 if GameFi momentum broadens.
A drop back below $0.152 would weaken the breakout, while a move under $0.137 would invalidate the entire structure.
MANA may be moving last, but whale behavior suggests it may not stay that way if the GameFi narrative continues to rebuild.