Trading volumes plummeted to at most 74%, as metaverse tokens showed up on the hyperdrive as they outperformed the market, outpacing the gains of their contemporaries by a huge margin.
In fact, the entire market capitalization of the metaverse has jumped 6.5%, or as much as $31.1 billion, in just 24 hours.
Wednesday showed some improvement in the cryptocurrency market with Bitcoin making a major campaign up more than 3% with the rest of the other major cryptocurrencies flashing green.
It is a great relief for many cryptocurrency investors and traders who are waiting for an upward movement.
Metaverse Tokens vs Crypto Giants
To everyone’s surprise, tokens like GALA, Sandbox (SAND), and Apecoin (APE) were outperforming major players like Bitcoin and Ethereum.
APE stock rose significantly more than 34% in 24 hours, topping the list of gainers. The rapid developments taking place with SAND and APE seem to have sparked interest and shed light on metaverse tokens. Now, the investor’s eyeballs are on top of these metaverse tokens.
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BTC total market cap at $815.46 billion on the daily chart | Source: TradingView.com
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APE’s daily trade volume is up nearly 360% as of the advance time. In addition, APE has also ousted Decentraland (MANA), which was originally conceived as the largest token in the metaverse.
The majority of Ethereum whales are heavily invested in GALA, APE, SAND, and other high-performance tokens. These belong to the top 10 most selling tokens in the virtual space.
Recent gains have added to the excitement.
There is no other way but up
The sudden rise in metaverse tokens is said to be due to two factors such as the recent addition of APE to Gemini trading platform and also Yuga Labs’ rumored launch of the other side Which is valued at 600 monkeys.
What’s more, Sandbox’s trading volume is up up to 65% in the last 24 hours. Thanks to the Bloomberg story, Sandbox’s popularity soared, raising up to $400 million in investments.
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SAND has also risen in value to about 8% in the past seven days, with a market capitalization of more than $3.4 billion.
The metaverse is so optimistic about this boom that it has also sparked the curiosity of many investors to delve deeper into this digital asset.
While Bitcoin and Ethereum along with other major cryptocurrencies are still killing them when it comes to voting in popularity, the metaverse tokens are definitely keeping pace with the pace.
Featured image from Coingape, chart from TradingView.com