Metaverse Tokens Lead Explosive Bull Run, Outperforming Bitcoin and Ethereum
Popular metaverse projects have experienced an explosive price surge over the past week, outpacing even major market leaders like Bitcoin and Ethereum.
It seemed improbable that the metaverse sector would regain traction amidst Bitcoin’s strong recovery above $21,000, especially given that virtual land prices and trading volumes plummeted over 90% in 2022. However, the metaverse sector has surprised the crypto community with its remarkable rebound.
Leading the trend is Decentraland (MANA), which, despite a shocking revelation of just 32 daily active users while being valued at over a billion dollars, has surged by 81.9% in just one week, now trading at $0.69.
Chart 1D of MANA/USDT as of 11:03 AM on January 18, 2023. Source: Binance
Next in line is The Sandbox (SAND), MANA's main competitor. SAND holders have reasons to celebrate as its value skyrocketed by approximately 41.8%, currently trading slightly higher than MANA at $0.73.
Chart 1D of SAND/USDT as of 11:03 AM on January 18, 2023. Source: Binance
Axie Infinity has also been a notable performer in this metaverse growth phase, especially following a series of updates in early December 2022 and the launch of Homeland—a game using NFT land—which has significantly boosted AXS’s momentum.
Chart 1D of AXS/USDT as of 11:03 AM on January 18, 2023. Source: Binance
Other notable mentions include Immutable X (IMX), a Layer 2 blockchain solution for Ethereum, which has risen by 30.5%, and Flow (FLOW), up 33% over the past week. These figures clearly indicate that the metaverse sector is making a strong comeback after the “great downturn” of 2022.
This dramatic turnaround can largely be attributed to the enthusiasm of the virtual world community and the significant hype generated by traditional tech giants surrounding metaverse discussions. Notably, Microsoft has affirmed its commitment to enhancing user experiences through the metaverse, while Apple, with its trillion-dollar tech empire, has revealed plans to enter the metaverse space soon with its own VR and AR headset.
