Metaverse Tokens Crash Amid Broader Market Correction

The Metaverse tokens crash amid the broader market correction and coins like Sandbox, Enjin Coin, Decentraland, and Axie Infinity all tumbled by about 6% in the past day so let’s read more today in our latest altcoin news.

The heavyweights in BTC and BTC, the popular metaverse tokens crash amid the broader market correction. Enjin Coin as the native token of the platform earned some in-game achievements and was used to purcahse virtual goods which was the worst hit among other projects with a loss of 7.33% over the day. ENJ is up by 2.5% in the past week but now trades at $0.50 as per the data on CoinmarketCap. Apecoin as the governance token In the Bored Ape Yacht Club ecosystem dropped 6.4% in the past day and now changes hands at $4.59.

APE can be used to purchase plots of the virtual lands in Yuga Labs Otherside metaverse initiative was founded in 2021 with Yuga Labs is not behind the creation of the popular NFT project Bored Ape Yacht Club. The frenzy around the launch of Otherside in April brought the price of APE to a new high of $39.40 but much to the investors’ dislike, the token tumbled 88% from the record high. The price of the SAND token is down 5.5% over the past day and followed by MANA which lost 5.17% of the value in the same time span.

Decentraland and Sandbox are ETH-based metaverse games where the users can acquire virtual land plots and the prices sometimes reach millions of dollars. Both tokens are down 86% and 85% since reaching a new high at the end of November last year. Axie Infinity’s AXS token of the blockchain gaming platform is also down 4.4% and traded at $14.09. Bitcoin is down 3.65% over the day and traded near $20,550 while ETH as the second biggest crypto by market cap is down 3.52% in the same timespan.

As recently reported, The weеkend resembles a lot like the previous one as there are almost no bigger price movements in the market but BTC stalled near $21,000 while most altcoins are in the red and the trading volume dropped to a monthly low. As the last weekend was coming to an end during the US national holiday, the leading cryptocurrency went off the offensive and surged to $20,000 and took a few attempts but then broke above this level and kept charting more heights in the next few days