Trading volumes plummeted to at most 74% showing top metaverse tokens on hyperdrive as they outperform the market, surpassing the gains of their contemporaries by a huge margin.
In fact, the entire metaverse market value has jumped by 6.5% or a whopping $31.1 billion in just 24 hours.
Wednesday showed a bit of improvement in the crypto market with Bitcoin pulling off a major stunt at a hike of more than 3% with the rest of the other major cryptocurrencies blinking green.
It’s a major sigh of relief for many crypto investors and traders awaiting that upward trend movement.
Metaverse Tokens Vs Crypto Giants
To everyone’s surprise, metaverse tokens like GALA, Sandbox (SAND), and Apecoin (APE) bowled-over the major players like Bitcoin and Ethereum.
APE has remarkably increased by over 34% in 24 hours, topping off the list of gainers. The rapid developments happening with SAND and APE seem to have stirred interest and put the spotlight on the metaverse tokens. Now, investor eyeballs are on these top metaverse tokens.
Suggested Reading | Crypto Quick Look: BTC Touches $42,000, ETH Notches 10-Day Peak
BTC total market cap at $815.46 billion on the daily chart | Source: TradingView.com
BTC total market cap at $1.96 trillion on the daily chart | Source: TradingView.com
The APE daily trade volume rose to approximately 360% as of presstime. In addition, APE has also overthrown Decentraland (MANA) which was originally coined as the biggest token in the metaverse.
The majority of Ethereum whales are heavily invested in GALA, APE, SAND and other high-performing metaverse tokens. These belong to the top 10 tokens generating the most sales in the virtual space.
The recent gains just pumped up the excitement further.
No Other Way But Up
The spike in the metaverse tokens is said to be triggered by a couple of factors such as APE being recently added to the Gemini trading platform and also Yuga Labs’ rumored launch of Otherside that is valued at 600 APE.
More so, Sandbox trading volume has risen by as much as 65% in the last 24 hours. Thanks to a Bloomberg story, Sandbox popularity has risen, pooling as much as $400 million in investments.
Suggested Reading | Bitcoin Bounces Back Past $40,000, But May Struggle To Maintain Position
SAND has also spiked to around 8% in the last seven days with a market cap amounting to more than $3.4 billion.
The metaverse realm is highly optimistic about this upsurge which also fueled the curiosity of many investors to deep-dive into these digital assets.
While Bitcoin and Ethereum alongside other major cryptocurrencies remain to kill it when it comes to popularity vote, metaverse tokens are surely keeping up with the pace.
Featured image from Coingape, chart from TradingView.com