Metaverse and NFT-focused cryptocurrencies have recorded significant gains in the last 24 hours. These cryptocurrencies include Axie Infinity (AXS), ApeCoin (APE), Flow (FLOW), and Sandbox (SAND).
AXS, the governance token of Axie Infinity, a Play-to-Earn (P2E) gaming platform, has spiked by 20.76% in the last 24 hours. This makes it the largest gainer of the top 100 cryptocurrencies according to CoinGecko and CoinMarketCap. At the time of writing, AXS was trading for $8.19. It is also the 46th largest cryptocurrency with a market cap of $970 million.
However, despite its gain, the AXS cryptocurrency has had a rocky 2022. The coin lost almost 94.8% of its value from its all-time high of $164.90 in November 2021. Data obtained from CryptoSlam, an NFT data platform, shows that the trading volume of Axie Infinity has fluctuated between $18,000 and $48,000 in the last few weeks.
After today’s bullish action, about $20,000 in AXS short trades have been liquidated in the last 24 hours. This is according to data obtained from Coinglass.
Meanwhile, FLOW, the token that powers the Flow blockchain, has surged by over 2.5% and is currently trading at $1.15. This is according to data obtained from Coingecko.
The price of the FLOW token jumped to $3 in August 2022 after Instagram integrated the Flow-based NFTs. However, the coin has been on a downtrend since then. FLOW has lost about 97.3% of its value from its all-time high of $42.40 in April 2021.
ApeCoin (APE), the coin that powers the Bored Ape Yacht Club ecosystem, has recorded an almost 4% rise in price in the last 24 hours. At the time of writing, Coingecko data shows that the coin is trading at $4.11.
APE is the 34th largest cryptocurrency and its trading volume has risen by 66% in the last day, hitting a value of $192 million.
SAND, the coin that powers The Sandbox, a virtual real estate project, has risen by more than 7% in the last 24 hours. Currently, Coingecko data shows that SAND has a price of $0.625949. However, the coin is yet to regain its all-time high of November 2021 which was as high as $8.40.
What is Pumping the Metaverse?
The major reason behind the bullish price action of the metaverse and tokens related to NFTs (Non-Fungible Tokens) is the high sales volumes made in the last 24 hours. CryptoSlam data shows that the overall NFT sales volume has risen by 24.74% in the last 24 hours, hitting $17.2 million.
Ethereum-based NFTs alone recorded a 31.36% increase in daily trading volumes, followed by Flow which surged by 16.28%. This most likely led to the token’s latest rally.
NFT collections from Yuga Labs (Otherdeed, Mutant Ape Yacht Club (MAYC), and Bored Ape Yacht Club (BAYC)) made about 40% of the trading volume generated by Ethereum-based NFTs, helping the price of APE to spike.
Other than the NFT and Metaverse tokens, Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies in market cap, have also surged by 1.6% and 2.7% respectively in the last 24 hours. According to Coingecko, the global cryptocurrency market cap has also surged by 1.8% in the last 24 hours.
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