The Metaverse tokens continue to surge and MANA and SAND are leading the way seeing massive weekly gains. In today’s altcoin news, we are taking a closer look at the price analysis.
The play-to-earn metaverse tokens are surging after what have been a very few exciting days for the Metaverse lovers, especially when it comes to valuations across the crypto board. While the broader market is quite shaky right now, there were a few exceptions among the metaverse tokens like MANA and SAND. Looking at the price analysis there has been more than 80% of the projects that have something to do with this topic and started trading in the green on a weekly basis.
SAND 24-hour Price Chart (Source: Coingecko)
Amongst the leaders was SAND which increased over 110% in one week and shows no signs of slowing down at the $8 price range. It is also the third biggest play-to-earn token in terms of market cap. The biggest project Decentraland also surpassed Axie Infinity in the market cap following a huge 56% weekly increase while MANA was worth $5.60 and AXS lagging behind with just 5% gains in the past week. Other mentions include Enjin coin that increased by 57%, ULTRA by 105%, and DAR by 104%.
There doesn’t seem to be any reason behind the huge increase in P2E coins other than the hype that was following them since Facebook changed its name to Meta. However, it is also worth noting that there’s has been a lot of infrastructure smart money invested in the market segment since this happened. Enjin for example prepared to explore the metaverse by establishing a $100 million fund and sought to help projects in the ecosystem that were designed towards decentralizing it. KuCoin as one of the leading crypto exchanges launched a $100 million fund via its investment and research Arm that seeks to fund early-stage projects in the field.
MANA 24-hour Price Chart (Source: Coingecko)
In the meantime, a few high-profile institutional investors and venture capital companies like Alan Howard, Winklevoss Twins, Digital Currency Group, gathered up to $100 million to boost the growth of the metaverse via Sfermion, an NFT investment firm. It seems that smart money is betting huge on the success of this market segment and the valuations are being reflective.