As Crypto Market Tumbles, Here’s The State Of Metaverse Tokens
Top metaverse coins are continuing to rise in value as interest in the space grows. Top metaverse tokens such as ApeCoin (APE), Decentraland (MANA), The SandBox (SAND), and Axie Infinity (AXS) look to have bottomed out after a loss in April and are again registering big gains.
Many metaverse tokens have outperformed popular cryptocurrencies like Bitcoin and Ethereum in the previous 24 hours, increasing more than 5%. This week’s surge is due to whale purchases and metaverse adoption.
In the last two weeks, the ApeCoin (APE) cryptocurrency has outperformed the crypto market. While the crypto market was experiencing capitulation, the APE price rose over 50% to nearly $26. However, because APE tokens are locked for a year, the price has dropped to $16 since the debut of the Otherside metaverse.
Despite the price decline, Ethereum whales have returned to take advantage of the low rates. Furthermore, today’s vote on ApeCoin staking and forum restructure will almost certainly result in another upward movement.
With whales accumulating at dips and BlockFi’s availability for trade, the Decentraland (MANA) token is also seeing an upward trend. MANA is one of the top ten tokens purchased by Ethereum whales in the previous 24 hours. Since May 1, MANA has increased by roughly 20%. Standard Chartered and Fidelity Investments have recently entered the metaverse via Decentraland.
The Sandbox ( SAND)
The Sandbox (SAND) has resurfaced as one of Ethereum’s most popular tokens in the last 24 hours. “Bonobo,” the top-ranked Ethereum whale, purchased 1,510,593 SAND tokens. Furthermore, reports of Dubai’s regulator and NFT explorer NFTSCAN purchasing lands on The Sandbox, as well as BlockFi’s addition of The Sandbox for trade and incentive, are driving up SAND prices. Since its low on May 1, the price has increased by roughly 25%.
Axie Infinity (AXS)
After a dramatic drop in price owing to the Ronin hack, the Axie Infinity (AXS) token has finally started to rise. The surge began on May 4th, when the business revealed Land staking prizes. The price has risen by more than 20% in the last 24 hours. Support from BlockFi was also important for the AXS coin.
Companies and celebrities are flocking to the metaverse, citing tremendous market prospects and buzz. The Bored Ape metaverse Otherside recently raised 320 million in a single day through NFT minting, causing the Ethereum network to be disrupted as gas fees reached new highs.Source