Why Metaverse Tokens Are Up Today Amid Market Shakeup?
The cryptocurrency markets faced significant turmoil over the last two days, primarily due to the FTX sell-off. Cryptocurrencies witnessed a sharp decline, with the total market capitalization dropping by over 40% at one point yesterday. As of now, there’s been a slight market rebound. However, amid this widespread downturn, certain tokens have bucked the trend. Notably, in the last day, most Metaverse tokens have experienced an impressive surge in their values.
The Shining Stars
Internet Computer (ICP) has experienced a notable 6.9% surge in the past day, currently priced at $2.99. Axie Infinity (AXS), a game token that merges finance with fun, is another standout, boasting a 4.9% increase in the last 24 hours. Currently valued at $4.74, its market influence is undeniable with a market cap surpassing $667 million. Meanwhile, ApeCoin (APE) is the day’s dark horse, skyrocketing by 8.8%. Priced at $1.11, it’s a clear sign of the growing trust and interest in the metaverse’s potential.
Some tokens are making gradual but consistent progress. The Sandbox (SAND), a virtual realm where players can own, create, and monetize their gaming experiences, saw a growth of 2.99% over the day. Similarly, Decentraland (MANA), a decentralized platform for creating and experiencing 3D content, grew by 2.59% in the past day.
Theta Network, Render, and Stacks also showcased positive momentum, with day-over-day gains of 0.49%, 0.8%, and 1.1%, respectively. While the spotlight shines on the above-mentioned tokens, newcomers such as Vulcan Forged PYR and Enjin Coin (ENJ) are proving their mettle with daily surges of 3.02% and 2%, respectively. Such impressive figures indicate that the metaverse ecosystem is vast, dynamic, and continuously expanding.
Reason for the Surge
The surging interest in metaverse tokens can be attributed to a blend of factors. Trading volumes are also high, which is generally considered to be a strong bullish signal. Moreover, chart patterns across multiple tokens showed a consistent formation of ‘ascending triangles,’ often indicative of a bullish continuation. Simultaneously, RSI readings for many of these tokens remained below the 70-mark, indicating they were not overbought despite their upward price movements.