Amidst the continuous bleeding market from the last one week, Metaverse and gaming tokens seem to be the next breakout trend after NFT and DeFi in the crypto market. They have already proved their current potential in the current red market.
Two metaverse projects and many gaming tokens have made headlines over the last ten days due to the cash inflow of fresh funds by Sandbox (SAND) and decentraland (MANA), Axie Infinity (AXS), and Yield Guild Games (YCC). All the metaverse and gaming coins defied market trends to mark new ATHs recently.
When most of the market is trading in red, SAND yesterday increased from a daily low of $3.96 to mark a fresh all-time high (ATH) at $4.69, equating to a more than 15% rise. As TheCoinRise reported, the main reason behind the rise of the Sandbox price is its upcoming launch of an alpha version of its metaverse project for some special users on November 29. The project was under development for around four years.
The gaming platform Sandbox secured a big investment, after which on November 2, the SAND price saw an extremely bullish green candle moving it from $2 levels to $3.3 zone. The coin has eventually reached the $4.2 zone after the latest rise.
Ethereum-based Metaverse MANA also skyrocketing
Similarly, metaverse token MANA also surged from $3.2 to a weekly $4.32 in the last 24 hours, marking a rise of more than 15%. The coin is currently trading at $4.03, with a 57% rise in the trading volume.
Bitcoin, after going down by 12% this week, is currently trading at $57,640 with a green candle with a 1.3% rise on the daily chart. The market has lost almost all the gains of October in the past couple of weeks of November. The majority of crypto tokens, including king coin (BTC) and Ethereum (ETH), lost in double digits. However, no major panic emotional trading is floating in the market as investors are aware of such bearish modes during a bull run.