Looking at the charts of the top 100 cryptos today, you would likely have seen a lot of near-vertical price declines as Bitcoin fell 8.20% in the last day to trade at $36,339.18 at press time. Meanwhile, Ether [ETH] fell 6.93% to touch the prices 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 latest bear attack? Let’s take a look at three.
Coping Strategy #1
Axie Infinity [AXS] is perhaps one of the most well-known NFT-based games on the market, but lately the headlines have been about its falling price and inflationary tokenomics. Now start a mini market crash. At press time, AXS was the 50th largest crypto by market capitalization, changing hands at $28.60 after falling 15.55% in one day and losing 22.24% of its value last week.
So how have investors reacted? Data from Santiment showed that AXS’s supply on crypto exchanges was at all-time lows, with only around 1.47 million remaining at press time. This suggests that despite all the odds, AXS has investors who believe in it – or gamers who are still invested in the game itself.
Coping Strategy #2
Meanwhile, the sandbox [SAND], was trading at $2.07 after plunging 12.98% in the past day and plunging 16.35% in the past week. However, those who invested in the 40th-largest crypto by market capitalization weren’t as eager as AXS users to hold on to their investments, as SAND’s exchange supply was growing sharply at press time. This is a long-term trend for the metaverse asset, with users generally more eager to cash in on their profits.
Coping Strategy #3
In contrast, Decentraland [MANA] seen some truly startling measures. The 39th largest crypto by market capitalization was trading at $1.44 after losing 11.26% of its value in one day and dropping 19.16% in one week. However, the supply of MANA on exchanges has reached all-time highs since around December 2021. Still, the latest price decline has led to outflows, suggesting that investors were buying the dip.
What does’nt kill you. . .
“Overall, collectors sent over $37 billion to NFT markets in 2022 as of May 1, putting them on pace to beat the total of $40 billion sent in 2021.”
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AXS, SAND, MANA: How Did The Metaverse Tokens React After The Latest Fix? – Tech Tribune France
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