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Metaverse tokens have integrated into the cryptocurrency setting, forming a significant sector within the ecosystem. Most of the emerging projects, especially those related to Web 3.0, have, one way or another, imbibed metaverse capabilities, making the sector more recognizable in the crypto industry.
Some metaverse projects differentiate themselves by performing impressively and competing with the more traditional cryptocurrencies. In consideration of that, the top 5 metaverse tokens of the current week, based on data from CoinmarketCap, are Stacks (STX), Internet Computer (ICP), ApeCoin (APE), Decentraland (MANA), and Theta Network (THETA).
Stacks (STX)
Stacks ranks in the 37th position among the overall CoinmarketCap cryptocurrency aggregation. The market capitalization of its native token, STX, is over $1.63 billion, with a daily trading volume of $432.4 million as of the time of writing.
Stacks is a layer 2 protocol for smart contracts built on Bitcoin. It also enables decentralized applications running on the Bitcoin blockchain to use BTC for transaction settlements on the Bitcoin blockchain. STX traded at $1.19 as of the time of writing, having gained 6.7% so far this week.
Internet Computer (ICP)
Internet Computer is a Web 3.0 enabler that aims to build a “World Computer” blockchain to enhance decentralized computing. The project aims to provide an ecosystem for users to build all kinds of online systems while participating in an end-to-end decentralized ecosystem.
ICP, the project’s native token, occupies the 39th position on CoinmarketCap’s overall cryptocurrency ranking. The market capitalization of ICP is $1.52 billion, while its price as of the time of writing was $5.13.
ApeCoin (APE)
ApeCoin is based on the Ethereum ERC-20 protocol, with an ecosystem that supports the development of decentralized Web 3.0 products. APE is the native token of the ecosystem, and it is used to empower and incentivize participants within the ApeCoin community.
APE is the 41st-ranked cryptocurrency on CoinmarketCap, with a market capitalization of $1.49 billion. APE has been consolidating since January 23, 2023, when it reached a yearly high of $6.417. As of the time of writing, APE traded at $4.075 but still retains the position of the third-highest metaverse token performer for the current week.
Decentraland (MANA)
Decentraland’s native token, MANA, traded at $0.5994 as of the time of writing, with a market capitalization of $1.11 billion, according to CoinmarketCap. These stats place MANA in the 46th overall position among all cryptocurrencies ranked by CoinmarketCap.
Decentraland is a virtual reality (VR) platform powered by the Ethereum blockchain. It is a decentralized ecosystem where users can create, experience, and monetize content and applications. They can do so by acquiring virtual plots of land and adding value to them like in real life.
Theta Network (THETA)
The fourth top-performing metaverse project for the week is Theta Network, with the native cryptocurrency THETA. THETA occupies the 53rd position in CoinmarketCap’s overall cryptocurrency ranking. The market capitalization of THETA is $1.03 billion, and it traded at $1.03 as of the time of writing.
Theta Network is a blockchain project focused on video streaming. It is a decentralized network where users can share bandwidth and computer resources via a peer-to-peer structure. The native crypto THETA primarily serves as a governance tool for the network.