General Slump across Metaverse Tokens in Last 24 Hours Coincides with Broader Crypto Market Correction
Coinspeaker
General Slump across Metaverse Tokens in Last 24 Hours Coincides with Broader Crypto Market Correction
Metaverse tokens from a host of virtual and interactive environments have seen a slump within the last 24 hours. According to reports, these metaverse tokens from Decentraland, The Sandbox, Enjin Coin, and Axie Infinity all dropped 6% in that time. The price plunge also comes amid reductions in leading crypto such as Bitcoin (BTC) and Ethereum (ETH).
Metaverse Token Slump by Numbers: ENJ & APE
The worst-hit among the metaverse tokens slump is Enjin Coin (ENJ), the native token of the Enjin platform. Over the last 24 hours, the coin reported losses as high as 7.33%. Notwithstanding, the token, earned via Enjin in-game achievements and used to buy virtual goods, is still up 2.5% over the past week. In addition, the Enjin Coin is currently trading at $0.50, according to CoinMarketCap.
Another metaverse native coin to suffer a substantial slide across the last 24 hours is ApeCoin (APE). The Bored Ape Yacht Club (BAYC) governance token declined 6.4% on the last day. Furthermore, according to CoinMarketCap, APE is currently changing hands at $4.59.
ApeCoin launched months ago in March. The metaverse token is instrumental in purchasing virtual land parcels within the Otherside metaverse initiative by BAYC creator Yuga Labs.
Otherside’s launch in April this year had initially catapulted the price of APE to an all-time high of $39.40. However, since that period, the BAYC governance token has sunk markedly and is now 88% off its record high.
SAND, MANA & AXS
The Sandbox’s native SAND token comes in third on the list of most hit metaverse tokens in the last 24 hours. SAND is trading 5.5% lower, closely followed by Decentraland’s MANA token. The latter has been changing hands 5.17% down over the last day.
Tokens of both The Sandbox and Decentraland are down 86% and 85%, respectively, since attaining record highs November-ending last year.
SAND and MANA are used to purchase potentially expensive virtual land plots in their respective Ethereum-powered metaverse games. Sometimes, the prices of these digital real estates can reach millions of dollars, as seen in Decentraland’s case. The inaugural user-owned virtual realm sold a record $2.43 million in virtual land in late November last year. According to reports, the buyer of that virtual land, Metaverse Group, intends to repurpose it for hosting fashion shows and commerce.
AXS tokens of the wildly popular blockchain video game Axie Infinity are also trading 4.4% lower over the day. According to CoinMarketCap, each AXS coin is currently changing hands at $14.09.
Bitcoin & Ethereum
Meanwhile, the largest digital currency by market cap BTC is presently trading down 3.65% over the last 24 hours. As of press time, the price of Bitcoin is $20,543.90. Furthermore, the second-largest crypto by market cap and largest altcoin Ethereum has also been trading down over the day. As of press time, ETH is down 3.52% and is currently changing hands at $1,145.