Weekly Recap: Crypto Market Decline, GameFi Studios Shut Down

Welcome to the latest edition of ChainPlay's Newsletter, where we dive into the week's most exciting and innovative crypto news.

ChainPlay.gg provides the latest updates, trends, and insights in the crypto market. Stay informed about key developments, investments, and growth across the industry.

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Crypto Adoption

Crypto Market Declines as Bitcoin and Ether Struggle

The global cryptocurrency market dropped 2.02% on Sunday, settling at $2.69 trillion. Bitcoin fell below $83,000, hitting an intraday low of $82,397. Ethereum declined 2.45%, while Cardano led losses among top assets, shedding 4.7%.

Trading volume plummeted 34% to $47.63 billion in 24 hours. Nearly 72% of cryptocurrencies are in the red, with WEMIX and SNEK posting the largest losses at 8.73%. Meanwhile, $159.57 million in derivatives positions were liquidated, mostly long bets.

Despite the downturn, TON ecosystem tokens surged as Notcoin rose 15% and TON gained nearly 15%, following the return of Pavel Durov’s passport by French authorities.

Critical FED Week: Key Economic Events and Altcoin Developments

The cryptocurrency market is set for a pivotal week with significant economic updates and altcoin events. Bitcoin, which dipped below $80,000 last week, is closing with a 2% loss. Here’s a day-by-day breakdown of key events:

Monday, March 17

• Wormhole Tokenize Event

• Nvidia’s GTC 2025 AI Conference

Tuesday, March 18

• MELANIA token unlock event

• Sui Gaming Summit

• London Digital Asset Summit

Wednesday, March 19

• 06:00 – Bank of Japan’s interest rate decision (Expected: No change)

• 13:00 – Eurozone CPI (Expected: 2.4%, Previous: 2.5%)

• 21:00 – FOMC economic forecasts and FED interest rate decision (Expected: No change)

• 21:30 – FED Chair Jerome Powell’s press conference

Thursday, March 20

• 15:00 – UK interest rate decision (Expected: No change)

Friday, March 21

• SEC’s “Spring Sprint Towards Crypto Clarity” meeting with industry representatives

Memecoins

Interpol Fugitive Hayden Davis Launches Another Meme Coin Despite Global Manhunt

Hayden Davis, wanted by Interpol for crypto fraud, has launched $WOLF, a meme coin that surged to a $40 million market cap before crashing due to insider manipulation. Blockchain analysts at Bubblemaps traced the token’s funds to Davis, linking him to another rug pull following previous scams like $LIBRA, which cost investors $250 million.

Davis allegedly withdrew $100 million from $LIBRA before its collapse, with Argentine authorities demanding his arrest. Despite global law enforcement efforts, he continues launching meme coins under fake identities, evading capture while operating through Kelsier Ventures, a Dubai-based crypto firm tied to his father, a convicted felon.

GameFi

Blockchain Game Studio Battlebound Shuts Down, Cancels Anterris

Battlebound, the blockchain gaming studio behind Evaverse and the unreleased RPG Anterris, has announced its closure. Despite raising $7.8 million from investors like a16z and Dapper Labs, the studio struggled to secure further funding amid challenging market conditions.

CEO Adam Hensel, a former Riot Games developer, said thousands participated in Battlebound’s final playtest, marking the end of four years of work. The closure follows a broader downturn in Web3 gaming—60 crypto games shut down in early 2024, and new blockchain game announcements dropped 36% last year, according to Game7.

My Pet Hooligan to Launch on Arbitrum’s Studio Chain

The Karrat Foundation is partnering with the Arbitrum Foundation to launch Studio Chain, a gaming-focused blockchain leveraging Arbitrum’s Ethereum layer-2 technology. My Pet Hooligan (MPH), available on the Epic Games Store, will serve as the flagship game of this ecosystem.

AMGI Studios, backed by investors like Paris Hilton and Coldplay, aims to deliver AAA gaming experiences with Web3 integrations, enabling seamless asset ownership and interactive player experiences. The blockchain-powered expansion will bring MPH to Xbox and additional PC platforms, with crypto elements managed externally via a web portal.

Studio Chain will compete with other entertainment-focused networks but aims to complement existing blockchain solutions rather than rival them directly.

Solana MMO 'Star Atlas' Eyes 2025 Launch

Star Atlas developer ATMTA plans to launch its AAA MMO by late 2025, CEO Michael Wagner told The Block. Despite Web3 gaming challenges, funding continues through token and asset sales.

Announced in 2020, Star Atlas has released a 2D browser version and an early-access build on the Epic Games Store. The full Unreal Engine 5 game promises cinematic visuals and vast intergalactic gameplay.

ATMTA struggled after losing $15M in the 2022 FTX collapse, cutting staff from 235 to 100. Yet, it has generated $220M in revenue without VC funding. To boost infrastructure, ATMTA invested in Shaga, a decentralized cloud gaming platform. Wagner stresses that success depends on delivering a fully functional MMO soon.

‘Deadrop’ Players Claim Refunds After Studio Shutdown

Following Midnight Society’s sudden closure, disappointed Deadrop players are securing refunds for early access purchases via chargebacks. The studio, co-founded by streamer Dr. Disrespect—who was ousted over misconduct allegations—sold NFTs and access keys for the now-canceled game.

Many buyers never received promised in-game items, pushing them to seek refunds through banks and credit card providers. Former Discord moderator Caramel has helped several players reclaim funds, with some successfully reversing hundreds of dollars.

Despite Midnight Society’s promises of a 2025 release, layoffs and financial struggles led to the studio’s downfall. With no response from the company, frustrated fans continue to pursue refunds, while Deadrop’s NFTs remain active on OpenSea.

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See you same place same time next week!

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ChainPlay team