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Metaverse Tokens Decentraland, Enjin Coin, ApeCoin & Axie Infinity Drop Amid Broader Crypto Market Correction




VOC, Voice of Crypto, metaverse tokens, metaverse

With Bitcoin and Ethereum still heavily affected by the crypto winter, many popular metaverse tokens have also taken a beating in the last 24hrs.

The most affected is Enjin Coin (ENJ). The Enjin Coin took a beating today, with its value dipping 7.33%. The token is earned through playing games on the platform and can be used to purchase virtual goods. ENJ is up 2.5% over the past week, currently trading at $0.50 according to CoinMarketCap.

The Bored Ape Yacht Club’s governance token, Apelcoen (APE) has fallen 6.4% in the last day and is currently changing hands at $4.59 per coinmarketcap.

APE which was launched earlier this year (March) can be used to purchase plots of virtual land in Yuga Labs Otherside metaverse initiative. Yuga Labs which was founded in 2021, is the entity behind the creation of one of the most popular NFT projects in the crypto market: Bored Ape Yacht Club.

Investors were excited when Otherside launched in April, bringing the price of APE to an all-time high of $39.40. But much like a cool breeze that brings out your inner brooding kid on summer vacation, this excitement quickly died down as investors realized what they had gotten themselves into and watched their investments plummet 88%.

Mtaverse tokens, ApeCoin Price

ApeCoin Price | Source: Coinmarketcap

The Sandbox, Decentraland Follow The Bearish Trend

The price of Sandbox’s SAND is meanwhile down 5.5% over the past 24 hours, closely followed by Decentraland’s MANA which lost 5.17%. The two popular tokens have dropped 86% and 85%, respectively since reaching their highs at end-November 2021.

The price of Axie Infinity’s native token, AXS, has fallen 4.4% over the day and trades at $14.09 according to CoinMarketCap.

Elsewhere Bitcoin is down 3.65% over the day, trading around $20,550 by press time.

The price of Ethereum has fallen by 3.5% in the last 24 hours, and it’s currently trading hands at $1,145.

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.