AXS, SAND, MANA: How did the metaverse tokens react after the latest correction

Looking at the charts for the prime 100 cryptos in the present day, you’d have doubtless seen a number of close to vertical drops in worth as Bitcoin tumbled down by 8.20% in the final day to commerce at $36,339.18 at press time. Meanwhile, Ether [ETH] dropped by 6.93% to hit costs of $2,728.08.

However, it’s all too simple to fret about the prime 10 and overlook about the metaverse tokens. How did these newer classes of tokens fare after the latest bear assault? Let’s check out three.

Coping technique #1

Axie Infinity [AXS] is maybe certainly one of the finest identified NFT-based video games in the market, however of late the headlines have been all about its declining worth and inflationary tokenomics. Now, throw in a mini market crash. At press time, AXS was the fiftieth greatest crypto by market cap, altering arms at $28.60 after falling by 15.55% in a day and shedding 22.24% of its worth in the previous week.

So how did buyers react? Data from Santiment confirmed that the provide of AXS on crypto exchanges was reaching all-time-lows, with solely about 1.47 million left at press time. This means that despite all the odds, AXS has buyers who imagine in it – or gamers who’re nonetheless invested in the recreation itself.

Coping technique #2

Meanwhile, The Sandbox [SAND], was buying and selling at $2.07 after diving by 12.98% in the previous day and plunging by 16.35% in the final week. However, these invested in the fortieth greatest crypto by market cap weren’t as eager as AXS customers to carry on to their investments, as SAND’s change provide was rising sharply at press time. This has been a long-term development for the metaverse asset, with customers usually extra eager on taking their earnings.

Source: Santiment

Coping technique #3

On the different hand, Decentraland [MANA] noticed some really eyebrow-raising metrics. The thirty ninth greatest crypto by market cap was buying and selling at $1.44 after shedding 11.26% of its worth in a day and dropping by 19.16% in per week. However, MANA provide on exchanges has been touching all-time-highs since about December 2021. Yet, the latest drop in worth did result in some outflows, suggesting that buyers had been shopping for the dip.

Source: Santiment

What doesn’t kill you. . .

All in all, it appears like metaverse tokens are struggling at the second, however Chainalysis’ new report made it clear that the NFT scene isn’t about to die out. The report noted,

“Overall, collectors have despatched over $37 billion to NFT marketplaces in 2022 as of May 1, placing them on tempo to beat the whole of $40 billion despatched in 2021.”