Crypto Market Meltdown Spreads to Metaverse Tokens
Over the past 24 hours, Metaverse tokens in Decentraland and The Sandbox, Enjin Coin and Axie Infinity all fell by approximately 6%. Popular metaverse tokens, along with heavyweights in Ethereum and Bitcoin , have been subject to a lot of abuse in the last 24 hours.
Enjin Coin (ENJ), the native token of Enjin that can be earned through in-game achievements to purchase virtual goods, is the most affected of all the metaverse project. It posted a loss of 7.3% for the day.
According to CoinMarketCap, ENJ has risen 2.5% in the past week, but is currently trading at $0.50.
ApeCoin, the governance token in the Bored Ape yacht Club ecosystem, fell 6.4% over the last day and is currently changing hands for $4.59 per CoinMarketCap.
APE was launched in March and can be used for the purchase of plots in Yuga Labs Otherside virtual land. Yuga Labs was founded in 2021 and is responsible for the creation of the popular NFT project Bored Ape Yacht Club.
After the April launch of Otherside, APE reached a record $39.40. However, investors were shocked to see that the price has fallen 88% since then.
The price of Sandbox’s Sand is meanwhile down 5.5% in the last 24 hours. This closely follows Decentraland_s MANA which lost 5.17% of its value during the same time span.
The Ethereum-based metaverse games Decentraland and Sandbox allow users to acquire virtual land plots, sometimes with prices exceeding millions of dollars.
However, both tokens are now down 86% and 15% since their peak at the end November last year.
According to CoinMarketCap, Axie Infinity’s native token of the eponymous Blockchain gaming platform, AXS, traded at $14.09 on the day.
Bitcoin trades at around $20,550 per press time, down 3.65% from the previous day.
Ethereum is currently trading at $1,145, which is down 3.52% from the previous period.
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