Axie Infinity Leads Metaverse, NFT Token Rally as Commerce Volumes Surge

 Axie Infinity Leads Metaverse, NFT Token Rally as Commerce Volumes Surge

Metaverse and NFT-focused cryptocurrencies, together with Axie Infinity (AXS),Move (FLOW), Apecoin (APE), and Sandbox (SAND), have posted important positive aspects over the previous 24 hours.

Play-to-earn (P2E) gaming platform Axie Infinity’s AXS governance token soared 25.6% within the final 24 hours, making it the most important gainer among the many prime 100 cryptocurrencies, per Coingecko.

As of this writing, AXS trades at round $8.54 and is the Forty sixth-largest cryptocurrency boasting a market capitalization simply north of $970 million.

Regardless of immediately’s heroics, AXS has had a rocky 2022. AXS misplaced practically 94.8% of its worth from its recorded all-time excessive of $164.90 in November 2021.

Based on NFT knowledge platform CryptoSlam, buying and selling quantity for Axie Infinity has fluctuated between roughly $18,000 and as excessive as $48,000 over the previous few weeks.

Axie’s NFT gross sales from November 21 to December 4. Supply: CryptoSlam.

Given immediately’s bullish value motion, roughly $20,000 in AXS brief trades had been liquidated prior to now 24 hours, in line with Coinglass.

In the meantime, the token powering the Move blockchain has rallied greater than 5.5% over the previous 24 hours and trades at round $1.15, per knowledge from Coingecko.

In August 2022, Instagram built-in Move-based NFTs pumped the token’s value to $3. Since then, nevertheless, FLOW has been on a downtrend.

As of this writing, FLOW has misplaced 97.3% of its worth since its all-time excessive of $42.40 in April 2021.

Apecoin (APE), the Ethereum-based token created for the Bored Ape Yacht Membership (BAYC) ecosystem, has additionally gained practically 4% over the previous 24 hours and trades at round $4.12 per Coingecko.

The Thirty fourth-largest cryptocurrency APE’s every day buying and selling volumes rose 66% to $192 million over the previous day.

SAND, the token powering the digital actual property challenge The Sandbox, is up 6.7% to $0.62 over the previous 24 hours, taking part within the extensively pushed NFT-based token rally.

Based on Coingecko, SAND gained practically 9% over the previous week. However the bullish week hasn’t been robust sufficient to reverse its yearly losses. In November 2021, SAND rallied as excessive as $8.40.

What’s pumping the metaverse?

The first purpose driving the bullish value motion of the metaverse and NFT-related tokens is the rising gross sales quantity over the previous 24 hours.

Based on knowledge from CryptoSlam, total NFT gross sales quantity rose 20.75% within the final 24 hours to simply above $16.5 million.

Ethereum-based, particularly, NFTs noticed a 31.36% spike in every day buying and selling volumes, adopted by Move with 16.28%, possible contributing to the token’s newest rally.

Yuga Lab’s NFT collections Otherdeed, Bored Ape Yacht Membership (BAYC), and Mutant Ape Yacht Membership (MAYC) collectively made up roughly 40% of the Ethereum-based NFT’s buying and selling quantity, serving to APE journey its fortunes.

Past NFT and metaverse tokens, main cryptocurrencies in Bitcoin (BTC) and Ethereum (ETH) have additionally rallied 1.6% and a pair of.7% over the previous 24 hours. The general cryptocurrency market can also be up 2%, amounting to greater than $906 billion at press time. 


The views and opinions expressed by the writer are for informational functions solely and don’t represent monetary, funding, or different recommendation.

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