But guess what? A Web3 game with 120,000 daily active users and an annual revenue of 25 million dollars saw its token price drop from a historical high of 1.02 dollars all the way down to 0.0068 dollars, retracing more than 99%. Amazing, what a 'value investment'.
Speaking of this, I must mention Pixels. It's the 'star chain game' running on the Ronin chain, led by Animoca Brands, and featured on Binance Launchpool. Did you think it was a Web3 game? Actually, it's a unlocking simulator.
Translated into plain language: the total supply of this token is 5 billion pieces, but only about 771 million pieces have been unlocked so far, with a circulation rate of only 15.42%. In other words, less than one-sixth of the PIXEL being traded on the market is available, and more than 4.2 billion tokens are waiting for you to take over.
Did you think this was the end? On April 19, the advisor unlocked 54.38 million tokens. On May 19 at 6 PM, another 91.18 million tokens are set to be unlocked, accounting for 11.83% of the current circulating supply, valued at approximately 4.7 million USD. Amazing, what a 'batch release, healthy unlocking'.
Speaking of this, you might ask: Is this project about to cool down?
Don't rush, the truth is much more complicated than you think.
First, Pixels really has users. As of March 2026, daily active users exceeded 120,000, growing by 167% since January. Jihoz, the founder of Ronin, confirmed that the number of daily active addresses for Pixels has surpassed 100,000. In plain language: This is not a PPT; there are real players participating.
Second, Pixels is genuinely making money. Their AI-driven reward infrastructure, Stacked, has generated a cumulative revenue of 25 million USD and has handled over 100 million reward distributions. Some rewards are issued directly in USDC, with one goal: to reduce the selling pressure on PIXEL.
Third, Pixels really has a background. Backing it is Animoca Brands, and related addresses received 50 million tokens before PIXEL was launched. This is not a fly-by-night project; real money is being invested.
So the question arises: Why has the price of a project with users, revenue, and backing dropped like this?
The answer lies in the unlocking data.
On April 19, the advisor unlocked 54.38 million tokens, and on May 19, 91.18 million tokens are unlocked (accounting for 11.83% of the circulation), and there are still over 4.2 billion tokens on the way out of a total supply of 5 billion. In plain language: Only 15% of this pool is flowing, while 85% of the taps have yet to be turned on.
Every unlocking is a test of selling pressure.
But on the other hand, Pixels founder Luke Barwikowski said something very crucial on the podcast: Pixels is not a 'printing press' type of blockchain game; for every token reward issued, at least 1 USD of income must be generated in the ecosystem to support it. The USDC reward mechanism of Stacked also indicates that the team has realized the selling pressure issue and is using product means to hedge.
In plain language: The fundamentals are indeed improving, but the risk of unlocking and selling pressure is real. Are you willing to bet that the project can outpace the unlocking speed, or do you think this scheme will eventually be crushed by the unlocking?
So the question arises:
After the unlocking of 91.18 million PIXEL on May 19, how do you think the market will move?
① 📈 Daily active growth + Stacked revenue model can digest selling pressure, moving upwards after unlocking
② 📉 11.83% increase in circulation + 15% circulation rate, selling pressure is too great, moving downwards after unlocking
Bring it to the comments section#pixel Let's talk about your judgment.
