The Play to Earn (P2E) gaming sector has grown popular. It lets people enjoy games and also earn rewards in cryptocurrencies or tokens. These tokens are often called Play-to-Earn tokens (PJTs). Players can use them inside a game’s ecosystem or trade them on crypto exchanges.
With so many new P2E projects, spotting undervalued gems can be hard. This is where the Undervaluation Index (UI) comes into play.
What is the Undervaluation Index (UI)?
The UI is a simple metric used to judge whether a PJT might be undervalued. It compares two numbers:
- Market capitalization: the total value of all tokens in circulation
- 24-hour trading volume: how much of the token changed hands in one day
The UI is the market cap divided by the 24-hour volume. A high UI means the token trades little compared with its size, so it is less liquid. A low UI means it trades actively compared with its size. Traders use the ratio as one clue, alongside other research, to find tokens the market may be overlooking.
Top PJTs with High Undervaluation Index (UI)
This list was first put together in June 2024. At that time, we narrowed it down to 10 tokens linked to gaming, rewards or the wider P2E space. Each had a market cap of about $1 billion to $5 billion and was ranked by its UI. Several of them are not pure P2E tokens, as noted below.
- Notcoin (NOT): Notcoin is a cryptocurrency that grew popular fast thanks to its Telegram tap-to-earn game. It is easy to use. Players earn tokens through simple activities like tapping games and quests. Its large community made it one of the best-known tap-to-earn tokens.
- Ordi (ORDI): ORDI was the first token created under the BRC-20 standard on Bitcoin. It uses Bitcoin Ordinals, a method of inscribing data directly onto satoshis, the smallest unit of Bitcoin. ORDI is not a gaming token, but it drew strong interest during the 2024 rally.
- Bonk (BONK): Bonk is a dog-themed meme coin on Solana. It was airdropped to the Solana community in late 2022. It is not a pure P2E token, but many Solana games and apps use it for rewards and in-game activity. It is volatile, but its strong community supports its value.
- Floki Inu (FLOKI): Floki Inu is a meme coin inspired by the Shiba Inu dog and Elon Musk’s tweets. It has some P2E elements, such as its NFT game Valhalla and planned metaverse features. Its success depends on keeping its meme status and delivering on its P2E plans.
- Ondo Finance (ONDO): Ondo Finance is not a gaming project. It is a platform that brings real-world assets, such as US Treasuries, on-chain as tokens. ONDO is its governance token. It made this list because of its market cap and trading data at the time, not because of P2E features. Learn more in our guide to tokenized stocks.
- Dogwifhat (WIF): Dogwifhat is a lively Solana meme coin inspired by internet dog memes. It has a large and enthusiastic community. It aims to stay a major meme coin through social media buzz and viral marketing.
- Ethena (ENA): Ethena is a synthetic dollar protocol built on Ethereum. Its USDe token aims to hold a steady $1 value using crypto collateral and hedging. ENA is the governance token. It is a DeFi project, not a P2E game.
- Optimism (OP): Optimism is a layer-2 scaling network for Ethereum. It uses optimistic rollups to make transactions faster and cheaper. This helps decentralized applications (dApps), including blockchain games, reach more users.
- Fetch.ai (FET): Fetch.ai is a project focused on artificial intelligence (AI) and machine learning for blockchain apps. FET tokens power the network and reward participation. In 2024, Fetch.ai joined SingularityNET and Ocean Protocol to form the Artificial Superintelligence Alliance, and FET became its main token.
- THORChain (RUNE): THORChain is a decentralized network for swapping assets across chains. RUNE tokens are mainly used for staking, governance and fees. THORChain can help players swap tokens used in P2E games.
- Arbitrum (ARB): Arbitrum is a Layer 2 scaling network for Ethereum. It makes transactions faster and cheaper. ARB is used for governance. Its value is tied to how widely Arbitrum is used as a Layer 2.
How These Tokens Look in November 2026
Crypto markets move fast. Most of the tokens above now trade well below their 2024 levels. Here is a snapshot from CoinGecko on November 3, 2026:
| Token | Price | Market cap |
|---|---|---|
| Ethena (ENA) | About $0.17 | About $2.3 billion |
| Ondo Finance (ONDO) | About $0.39 | About $1.9 billion |
| Arbitrum (ARB) | About $0.16 | About $1.1 billion |
| Fetch.ai (FET) | About $0.16 | About $358 million |
| Optimism (OP) | About $0.11 | About $253 million |
| Bonk (BONK) | About $0.0000028 | About $249 million |
| Floki (FLOKI) | About $0.000023 | About $217 million |
| THORChain (RUNE) | About $0.65 | About $213 million |
| Dogwifhat (WIF) | About $0.17 | About $172 million |
| ORDI | About $3.44 | About $72 million |
| Notcoin (NOT) | About $0.00035 | About $34 million |
Only Ethena, Ondo and Arbitrum are still above $1 billion in market cap. This shows how risky small and mid-sized tokens can be. For the latest moves, see our crypto market today update.
Final Thoughts
The P2E sector brings exciting chances for investors and gamers. Using the UI alongside other tools can help you spot undervalued PJTs with growth potential. But no single metric is enough. Do thorough research, understand the risks, and only invest what you can afford to lose.
