Following the April drop, top metaverse tokens are posting strong gains, including ApeCoin (APE), Decentraland (MANA), The SandBox (SAND), and Axie Infinity (AXS). In the past 24 hours, many metaverse tokens have gained more than 5%, with stronger gains than top cryptocurrencies like Bitcoin and Ethereum.
The ApeCoin (APE) token has outperformed the crypto market in the past two weeks. As the crypto market witnessed the decline, the APE price rose almost 50% to around $26. However, the price dropped to $16 after the launch of the Otherside metaverse, as APE was locked down for a year. Despite the drop, Ethereum whales have bounced back to take advantage of the low prices. Also, the ApeCoin staking and forum restructuring voted in today could bring another bullish move.
Decentraland (MANA) is also witnessing an upward movement with whales accumulating at the bottom and availability for trading by BlockFi. MANA is one of the top 10 tokens bought by Ethereum whales in the last 24 hours. MANA has increased by about 20% since May 1. Recently, Standard Chartered and Fidelity Investments have entered the metadatabase space through Decentraland.
Sandbox (SAND) is among the most purchased tokens by Ethereum whales in the past 24 hours. The top-ranked Ethereum whale “Bonobo” bought 1,510,593 SAND. Also, news that Dubai regulator and NFT explorer NFTSCAN bought land in The Sandbox and BlockFi added The Sandbox for trade and incentives are driving SAND prices up. The price is up about 25% since the low on May 1.
After witnessing a massive drop in prices due to the ronin attack, the Axie Infinity (AXS) token has finally started to move upwards. The rally kicked off with the company announcing the Land stake rewards on May 4. The price has increased by more than 20% in the last 24 hours. In addition, BlockFi support has also proven to be important for the AXS token.
The metaverse is becoming more and more popular as companies and celebrities see great opportunities in the market. Recently, the Bored Ape metaverse, Otherside, raised $320 million in just one day through NFT printing, affecting the Ethereum network as gas fees soared to record highs.