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Metaverse Tokens Outpace Top Cryptocurrencies This Week, What's Next?


coingape.com 05 May 2022 14:41, UTC
Reading time: ~2 m

Top metaverse tokens continue to soar higher amid skyrocketing interest in the space. After a decline in April, top metaverse tokens including ApeCoin (APE), Decentraland (MANA), The SandBox (SAND), and Axie Infinity (AXS) appear to have bottomed out, and are logging strong gains.

In the last 24 hours, many metaverse tokens have outweighed top cryptocurrencies such as Bitcoin and Ethereum, rising more than 5%. The rally is the result of whale buying and metaverse adoption this week.

Top Metaverse Tokens Soar Higher

Metaverse tokens are rising significantly higher since the start of the month as whales accumulate metaverse tokens from the bottom price. Moreover, BlockFi‘s launch of trading of top metaverse tokens for non-US clients has also resulted in price hikes.

ApeCoin (APE) token outperformed the crypto market in the last two weeks. While the crypto market witnessed capitulation, the APE price jumped nearly 50% to make a high of nearly $26. However, the price has plunged to $16 after the Otherside metaverse launch, as APE tokens are locked for a year. Despite the fall, Ethereum whales have returned to capitalize on low prices. Moreover, ApeCoin staking and forum restructuring voted today will surely bring another bullish movement.

Decentraland (MANA) token is also witnessing an upside move with whales accumulating at dips and availability for trading by BlockFi. MANA is one of the top 10 purchased tokens in the last 24 hours by Ethereum whales. MANA has jumped nearly 20% since May 1. Recently, Standard Chartered and Fidelity Investments entered the metaverse space through Decentraland.

The Sandbox (SAND) is again among the most purchased token by Ethereum whales in the last 24 hours. Top-ranked Ethereum whale “Bonobo” bought 1,510,593 SAND tokens. Moreover, news of Dubai’s regulator and NFT explorer NFTSCAN purchasing lands on The Sandbox, and BlockFi adding The Sandbox for trading and incentive are pushing SAND prices higher. The price has jumped nearly 25% since its bottom on May 1.

Axie Infinity (AXS) token after witnessing a massive fall in prices due to the Ronin hack has finally started to move upward. To be precise, the rally started on May 4 as the company announced Land staking rewards. In the last 24 hours, the price has rallied more than 20%. Also, BlockFi support too proved significant for the AXS token.

Metaverse Sees Increased Interest

Companies and celebrities are stampeding into the metaverse as they see massive opportunities and hype in the market. Recently, the Bored Ape metaverse Otherside raised 320 million in just a day through NFT minting, disrupting the Ethereum network as gas fees rose to record levels.

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