Metaverse Coins Get Bullish Despite Axie Infinity’s Ronin Hack

The metaverse coins get bullish despite the recent hack of the Ronin sidechain of Axie Infinity as we reported recently in our crypto news.

The gaming and NFT cryptos and metaverse coins including Enjin and the Sandbox increased this week despite the recent $552 million hack of the Ronin sidechain. The play-to-earn game Axie Infinity’s Ronin sidechain suffered one of the biggest hacks of the week and the investors are still pouring money into gaming, metaverse coins, and NFTs. The interest can be seen in the steady rise of coins like Flow, Enjin Coin, Sandbox, Decentraland, and GALA which all saw smaller increases in the past week.

Enjin Coin increased by 11% in the past day and 19% in the past week. The project allows developers to add digital goods in an NFT form to their games and it also offers a social network akin to Discord which allows users to form guilds or host stores. The Flow native token increased by 15% over the past week. Flow Is a blockchain project developed by Dapper Labs and the company even created its own blockchain to meet the standards of the NFT space and solve the scalability issues.

Gala Games also had a strogn week and posted 10% gains in the period while the project is made up of the first wave of gaming companies that added blockchain-based items to popular games like Farmville. The Metaverse gaming network The Sandbox is now trading at $3.71 or it increased 5.7% in the past day and 10% in the past week. SAND powers the game’s DIY digital world where users spend the crypto to purchase, buy and sell things in the gaming world.

Decentraland is the least bullish of them all but it also increased 7% in the last week and the native MANA token underpins what is a virtual real estate market in the metaverse, MANA is an ERC-20 token that Is used for transactions while the LAND is the native NFT that represents digital plots of land. All of these coins saw a steady rise in the past week. Market leader Axie Infinity and AXS, SLP all faced rough waters but the game that ushered the play to earn space suffered one of the biggest hacks in the industry.

The attacker targeted the Ronin sidechain and stole up to 173,600 wrapped ETH and 25.5 million USDC. Following the attack, the AXS token crashed by 11% and dropped to $62 from the previous $72. the SLP Token slipped from $0.0248 down to $0.0196 marking a drop of 21%.