January 28, 2023

Metaverse coins in The Sandbox, Decentraland, Axie Infinity, and Enjin Coin have slumped by approximately 6% within the previous day. 

Leading metaverse tokens took a blow within the previous 24 hours as large-cap assets, including BTC and ETH, noted overnight declines. While publishing this news, most assets hovered in the red.

ENJ is native crypto by the Enjin network. Users can utilize the alt to purchase virtual goods. Moreover, they earn the token via in-game achievements.

Meanwhile, ENJ suffered the most among the metaverse assets, losing approximately 7.34% within 24 hours. While publishing this blog, ENJ traded at $0.05, still 2.5% up within the past week (Coinmarketcap data).

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The Bored Ape Yacht Club’s ApeCoin (APE) saw a 6.4% drop over the past day, currently hovering near $4.59. APE joined the market in March 2022 and allowed investors to buy virtual land plots within the Otherside metaverse initiative by Yuga Labs.

The hype surrounding Otherside’s launch in April saw ApeCoin rallying towards the $39.40 all-time high. Nevertheless, the alternative token surprised investors, losing a staggering 88% from the record peaks.

SAND, MANA On Bearish Trends

The previous day saw Sandbox’s SAND on a bearish move, losing 5.5%. MANA followed closely, as it lost 5.17% during that timeframe. Decentraland and Sandbox are metaverse games based on the Ethereum blockchain.

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The projects allow individuals to buy land plots, spending millions of dollars on some deals. However, MANA and SAND recorded declines since their November 2021 all-time highs, losing 85% and 86%, respectively.

The native coin by an eponymous gaming platform Axie Infinity, AXS, lost 4.4% during the day, changing hands at $14.08 during this publication (Coinmarketcap data). Meanwhile, the overall crypto space presented declines over the past 24 hours.

The past 24hrs saw Bitcoin losing 3.65% of its value, hovering near $20,550 during this publication. Ethereum, the second-largest crypto, declined by 3.52% within that timeframe, currently trading at $1,145.

Declines by leading assets in the crypto space had the overall crypto market capitalization losing 2.80% in a day to $916.37 billion. On the other hand, the overall cryptocurrency market volume noted a 2.22% decline to $55.27 billion.

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Stay tuned for the latest developments in the crypto markets.


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