The cryptocurrency market saw some recovery on Wednesday. Bitcoin (BTC) is up over 3%, breaking the $42,000 price level, while other major coins are also starting to trade in the green.
Metaverse tokens such as Apecoin (APE), Sandbox (SAND) and GALA have outstripped their peers. Positive updates on APE and SAND seem to have increased buying interest in many other metaverse tokens.
APE, GALA, and SAND Among Top 10 Most Bought Tokens
The largest of the Ethereum whales is heavily buying metaverse tokens. APE, GALA and SAND are among the top 10 most bought tokens by ETH whales in the last 24 hours.
ApeCoin became the top earner of the day. APE price has skyrocketed over 34% in the last 24 hours. The recent bullish rally was the result of several factors. APE was recently listed on Gemini Earn. However, speculation about Yuga Labs' upcoming metaverse called "Otherside" is expected to be the main factor behind the Whopping surge.
According to reports, Yuga Labs will launch land sales in Otherside with a starting price of 600 APE. However, APE has already increased by over 1500% since it came out last month. Recently, APE has taken over Decentraland (MANA), becoming the largest metaverse token. Meanwhile, 24-hour trading volume saw an increase of over 360%.
The other Metaverse cryptocurrency to rise is Sandbox. According to WhaleStats, the ETH whale named “BlueWhale0093” added $1.48 million worth of Sandbox (SAND). Meanwhile, 24-hour SAND trading volume saw an increase of over 65%.
The reason behind the increase can be attributed to a report from Bloomberg. The report stated that Sandbox will raise $400 million from various investors. Sandbox's native token SAND has gained over 8% in the last 7 days. SAND is the 40th largest cryptocurrency with a total market cap exceeding $3.4 billion.