During the first month of 2023, the top two leading cryptocurrencies, bitcoin and ethereum, saw double-digit gains against the US dollar. Meanwhile, several altcoins saw even larger increases in value, with metaverse tokens like Decentraland’s MANA and The Sandbox’s SAND rising 92-150% against the dollar.
Metaverse Crypto Assets Dwarf Bitcoin and Ethereum
Metaverse Crypto Assets Have Outperformed Both Bitcoin (BTC) Y Ethereum (ETH), the leading crypto asset and leading smart contract token, respectively. Last month, Decentraland’s MANNA token has been the best performer, rising 150% against the US dollar. In the last two weeks, MANA is up 7.3% and in the last seven days it is up 2.9%. On January 31, 2023, a single MANA was trading between $0.716 and $0.755 per unit.
the sandbox SAND The metaverse token is up 92% in the last 30 days and is up 5% in the last two weeks. However, despite the 30-day increase, the seven-day metrics show a 7.5% decline in SAND. On Tuesday, SAND was trading at a 24-hour spot price of $0.710 to $0.741 per unit. Another high performing metaverse token last month was Axie Infinity AXIS, which has risen 80% more than the previous month. In the last two weeks, AXS is up 21.5%, but it is down 11.4% in the last week. On Tuesday, AXS was trading at a price of $10.55 to $11.23 per coin.
Following the rise in value of Axie Infinity’s AXS over the past month, the Apecoin project BUN token is up 63.3% in the same period. APE is up 19.4% in the last two weeks, with 5.5% of those gains coming in the last week. At the time of writing, a single APE is trading at prices ranging from $5.71 to $5.96 per coin. The token associated with the Internet Computer project PCI it is also up 48.9% in the last 30 days. The ICP has gained 16.5% in the last two weeks. On January 31, 2023, ICP was trading at prices between $5.65 and $5.88 for the last 24 hours.
A significant number of other metaverse tokens have also risen in value this month, following a similar pattern to artificial intelligence (AI)-related cryptocurrencies. AI-based cryptocurrencies have seen even bigger gains compared to metaverse-related coins. However, metaverse-focused crypto assets have still outperformed the top two cryptocurrencies; Bitcoin (BTC) up 40% this month, and Ethereum (ETH) increased by 33.5%.
What do you think is driving the success of metaverse tokens and do you think this trend will continue in the coming months? Share your thoughts in the comments below.
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