TL;DR Breakdown
- Metaverse and gaming tokens are the next big thing in the crypto world.
- Decentraland MANA posts record-breaking figures
- Ethereum whales continue to accumulate metaverse tokens
The world of cryptocurrency is expanding at a fast pace. New and more advanced features are being introduced to the market every other day. It has led to a wide acceptance and adoption of several crypto-related products in the sector. Be it decentralized finance, non-fungible tokens, metaverse, play-to-earn games, or decentralized apps; the crypto world is not limited to trading or investing of digital assets only.
There is an influential wave of digitization that is hitting the global community at all ends. Many experts and analysts believe that with the rise of the metaverse, we are witnessing a revolutionizing shift to the digital world from the physical world. The world of the internet is becoming much more relevant and influential lately, and it will surely have a permanent impact on the crypto world too.
Metaverse is the next big thing!
Bitcoin and several other altcoins dropped by significant margins in the recent market correction. However, there were a few coins that made huge leaps of profit. They not only posted double-digit gains but also experienced an increase in usage. Most of these tokens, if not all, were Metaverse and gaming tokens.
There has been a constant rise in the popularity of metaverse and pay-to-earn gaming tokens. Initially, it was the Axie Infinity that attracted gamers and investors to its platform. However, now new projects, like Gala, the Sandbox, and Decentraland, have made a name for themselves in the market. Many other emerging projects like DAR are also being favored by the crypto community as well.
Gaming tokens have linked online games with the digital currency world. Players have rewarded tokens for their contributions to the network. They can use these tokens to pay for collectibles and passes in the games. They can also exchange them for real money. This has sparked the interest of consumers in the concept of the metaverse and the digital world.
The best performing Metaverse and gaming tokens
A number of metaverse tokens outperformed the big guns of the crypto industry, but Decentraland’s MANA stayed a step ahead of the rest of the lot. The metaverse token pushed to an all-time high of $5.84 a few days ago. This shows that the token has upscaled by 40% in the last seven days. At the time of writing, MANA is priced at $4.90.
The market cap of MANA is currently lingering just below the $9 billion mark. The market cap grew recently, moving past the statistics of AXS, the popular play-to-earn game. With 1.82 billion MANA tokens in circulation, the 24h trading volume of the coin has recently increased by over 6.30% to cross $2.90 billion.
MANA can be exchanged, bought, or sold on major cryptocurrency exchanges like Binance and OKEx. All of these exchanges have witnessed an increase in interest from the investment sector for MANA. Decentraland is a virtual reality platform that is built on the Ethereum blockchain. MANA, the native coin of the network, is connected to the metaverse. It has surged majorly as the idea of the metaverse is gaining more relevance and popularity.
A high number of MANA transactions indicate the increasing interest from organizations and institutions. This could be a major breakthrough for the coin. Many experts believe that it will rise to over $9 by the end of 2021. Thus, news like these can push these figures further ahead. The popularity of digital plots has also influenced the performance of Decentraland in the market.
Other popular metaverse tokens include AXS, SAND, and GALA. All three of these tokens have also performed exceptionally well in the market lately.
Ethereum whales show more interest in rising tokens
As the metaverse tokens continue to take the spotlight in the market, large-scale investors and Ethereum whales have looked at it as an opportunity to accumulate a large number of tokens. Statistics show that Ethereum whales have shown the highest interest in buying gaming tokens in the industry. Also, it has been concluded that these whales are prioritizing Decentraland’s MANA for accumulation.
In the last seven days or so, MANA has been purchased by whales at an average of over $74,000. It was followed by SAND, which was purchased at an average of $27,333 per transaction. GALA came in the third spot, as it averaged $26,340 per Ethereum whale purchase. These three coins have therefore experienced the most volatile price movements lately.
The increased number of transactions and adoption can be a positive sign for any coin as more money is being invested in the project. However, it also restricts power and holds to a handful of people. This is why whales have mostly been criticized for their roles. Several metaverse tokens are in their early stages. They are expected to grow further and be more popular. Thus, the role of whales in the run of metaverse tokens will be more visible and clearer at that time.
However, the popularity of metaverse tokens is now an established fact, and it is preferable for investors to make them a part of their portfolio. These tokens can reward investors in the longer run.
