The truth isn't pleasant, but it must be said today. I scoured the on-chain data and discovered an extremely bizarre phenomenon in this game—while the token is nearly worthless, the number of online users is actually rising against the trend, making this a veritable living fossil in the blockchain gaming circle.
🎯 The token has dropped to a point where even my mother wouldn't recognize it, yet daily active users have skyrocketed.
First, take a look at the cold hard data. The current coin price is $0.0065, projected to be $0.6059 when launched in 2024, with a historical high of $1.02 and a historical low of $0.00474 earlier this year in February. The price has dropped 95% throughout 2024, and another approximate 95% drop is expected in 2025.
The current market cap is about $6.06 million, with a circulation of 771 million tokens, accounting for only 15.42% of the total supply of 5 billion tokens. The fully unlocked FDV is approximately $32.4 million.
The token has dropped over 99% from its peak.
But pay attention to this number below — daily active users broke 120,000, growing 167% since January 2026. The highest DAU ever soared to 1.3 million. 99% of chain game tokens have dropped like this, and daily active users have long gone to zero, yet Pixels is an exception. It's like a store that has a long line outside every day, but the prices inside keep getting cheaper; my first reaction is: there must be something fishy here.
🔬 Minimal hardcore comparison: Why have other chain games died, but this one is still alive?
Pixels
Peak daily active users: 1.3 million, currently 120,000-250,000
Token drop: -99%+
Core mechanism: RORS self-circulation + Union social battle
Sustainability: Four stars
Axie Infinity
Peak daily active users: 2.7 million, currently declining sharply
Token drop: -99%+
Core mechanism: Combat + Breeding dual tokens
Sustainability: Three stars
Hamster Kombat
Peak daily active users: 200 million+ registered
Token drop: Limited reference for new coins
Core mechanism: Click mining
Sustainability: Two stars
Pixels is the only token in the Ronin ecosystem that crashed but didn’t lose users. It achieved what Axie couldn’t.
There are only two secret weapons. The first is the RORS economic model, where the team has set a strict rule: for every 1 USD in rewards given out, at least 1 USD in revenue must be generated through fees and destruction, self-circulating without relying on new investors. The CEO has publicly stated that the RORS value will remain between 1 and 1.05 in the long term, with the ecosystem operating at a profit margin of about 5%. Within a month, players burned 4.4 million PIXEL, not just empty talk.
The second is the Chapter 3 Union system, which turned 'farming' from single-player into a three-way war. The three guilds, Wildgroves, Seedwrights, and Reapers, allow players to invest in their own furnaces for healing, while also disrupting opponents' furnaces. Each season has a reward pool of 50,000 PIXEL, and switching guilds requires a 'betrayal fee' of 50 PIXEL. This binds wandering players together, stabilizing daily activity naturally.
⚠️ Risks that could collapse with a gust of wind, I’ll list them out for you
On May 19, 91.18 million tokens were unlocked, accounting for 11.83% of the circulation, with a selling pressure of about 4.7 million USD.
The circulation ratio is only 15.42%, with 84.6% of the tokens locked, continuously unlocking over the next three years. The 24-hour transaction volume is less than 120,000 USD, with very poor depth.
The team operates in the U.S., and the P2E model may be under SEC scrutiny at any time.
New games may divert users at any time.
📌 Keep an eye on these five indicators
An RORS value below 1 indicates economic failure, while above 1 is healthy. The DAU change after the advisor unlocking on April 19 shows whether it's real retention or fake traffic. The monthly burn of PIXEL must cover the rewards distributed. The Union participation rate determines the thickness of the social moat. Can Stacked external access produce the first cooperative case?
Do you think Pixels survived on real skill, or did it expose itself when the unlocking flood came?
👍 Real skill, being able to survive a 99% drop is impressive
👎 It will inevitably be exposed, the unlocking plate is too large to bear