If you look at the charts of the top 100 cryptocurrencies today, you will likely have seen many near-vertical price drops, with bitcoin dropping 8.20% in the past day to trade at $36,339.18. . Meanwhile, Ether fell 6.93% to a price of $2,728.08.
However, it’s too easy to worry about the top 10 and forget about metaverse tokens. How did these new token categories perform after the bear’s latest attack? Let’s take a look at three of them.
Axie Infinity is perhaps one of the best-known NFT-based games on the market, AXS is the 50th largest crypto by market cap, trading at $28.60 after falling 15.55% in one day and lost 22.24% of its value in the last week.
How have investors reacted? Data from Santiment showed AXS supply on crypto exchanges hit an all-time low of only around 1.47 million. This suggests that despite all the odds, AXS has investors who believe in it – or players who are still invested in the game itself.
Meanwhile, The Sandbox, was trading at $2.07 after plunging 12.98% in the past day and 16.35% in the past week. However, those who invested in the 40th largest crypto by market capitalization were not as holders AXS users to hold on to their investments, as SAND’s exchange supply was up sharply at the time. This is a long-term trend for the metaverse asset, with users generally more inclined to take profits.
On the other hand, Decentraland has recorded some truly astonishing numbers. The 39th-largest crypto by market capitalization traded at $1.44 after losing 11.26% of its value in one day and falling 19.16% in one week. However, the supply of MANA on exchanges has been touching all-time highs since around December 2021. Still, the latest price drop has led to capital outflows, suggesting that investors have been buying the drop.
All in all, it looks like metaverse tokens are suffering right now, but the new report from Chainalysis makes it clear that the NFT scene is not about to die down and remains one of the most buoyant and growing sectors. most promising in the cryptocurrency universe. The report notes,
“Overall, collectors sent over $37 billion to NFT marketplaces in 2022 as of May 1, putting them on track to beat the total of $40 billion sent in 2021.”