Metaverse coins prices unscrew this week. The month of July gave the prices of many cryptocurrencies a much-awaited lull. Nevertheless, the largest metaverse coins , by market capitalization, have plunged again in the past seven days. Apecoin, MANA, SAND and Axie Infinity have indeed suffered losses of around 20% this week. At the same time, some emerging corner metaverses continue their ascent. Explanations?
Apecoin in decline
The apecoin (APE) is the native token of the ecosystem developed by the Yuga Labs studio known in particular for its famous Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections. Since the launch of the project's metaverse, Otherside, the price of APE has gone through a substantial appreciation.
The Apecoin, which traded at 3.37 dollars on June 17, has indeed climbed to reach 7.55 USD on August 6. From then on, in the middle of the bear market , the APE jumped by nearly 125% in seven weeks to everyone's surprise. Nevertheless since then, the token has started a bearish rally.
The price of Apecoin has, in fact, fallen by 32% since August 6. Note that the devaluation of the token has reached 17% in the last seven days only. The APE is trading today around $5.20.
Bad week for Decentraland and The Sandbox
Decentraland (MANA) and The Sandbox (SAND) currently occupy the second and third places in the ranking of the largest metaverse coins by market capitalization. Well established in the metaverse landscape, these two projects have shown spectacular growth in the number of visitors over the past year (+3,300% and +13,000% respectively).
MANA and SAND are currently trading at 86% below their all-time high. However, after going through a marathon bearish episode since last November, the two tokens had entered a stabilization phase since the end of June.
The latter could have come to an end. Both MANA and SAND resumed their bearish rally this week, both dropping 22%. At the time of writing, MANA is trading at $0.82 while one SAND is worth $1.05.
At the same time, the challengers are gaining ground
The first three metaverse coins , by market capitalization, mentioned above are not the only ones to have gone through a week in the red. Theta Network (THETA), Axie Infinity (AXS) or even Stacks (STX), which follow them in this ranking, also lost nearly 18% this week.
Meanwhile, new projects seem to be taking off, bucking the general momentum seen and resisting the bearish winds. The new Play to Earn (P2E) Battle Infinity , specializing in the metaverse fighting game, seems to be doing well in particular.
While the presale of its token, the IBAT, closed recently, the enthusiasm around this Web3 game is more and more evident. While the IBAT was trading at $0.0015 recently, the token is now worth $0.0071. Buoyed by this 373% growth, the cryptocurrency continued its ascent this week. The price of the IBAT has indeed jumped 56% since last Tuesday.
In addition, the Tamadoge project is also on the rise. This Play to Earn offers its players to raise and evolve an NFT pet in order to earn rewards. This Web3 game will soon have its own metaverse, the Tamaverse, in which players can interact and walk their protege.
Tamadoge is already attracting the attention of many investors as evidenced by the success of the presale of its token, the TAMA. In less than a month, more than 7.3 million dollars have indeed been invested in this metaverse coin.
TAMA's pre-sale is still ongoing and is expected to end very soon. For now, it is possible to acquire 44 TAMA per dollar invested.
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