Along with the decrease of value in bitcoin and Ethereum, the metaverse token also drops. In the past twenty-four hours, many metaverse tokens have experienced a significant drop in value.
The Enjin coin dropped 7.33% in a day. The Enjin Coin is the original coin from the Enjin platform; traders acquire it through games and use it to buy goods. According to CoinMarketCap info, the Enjin coin has gone up 2.5% in a week and is now trading at $0.50.
The governance token for the Bored Ape Yacht Club (BAYC) ecosystem, ApeCoin (APE), dropped 6.4% in a day. According to CoinMarketCap, it is now trading at $4.59. Ape was introduced in March. Traders use this coin to purchase land in the Yuga Labs Otherside metaverse. Yuga Labs is what stands behind the Bored Ape Yacht Club NFT project.
APE reached a high of $39.40 in April during the hype around the release of Otherside. The token, however, dropped to as low as 88% from its all-time high.
The Sandbox’s (SAND) token, an Ethereum-based metaverse game, also experienced a drop in value. It is down 5.5% in only 24 hours. Similarly, Decentralands (MANA) decreased 5.17% over a day. Sandbox and Decentraland are where users can buy virtual land plots for prices often over the million-dollar mark.
The original token of Axie Infinity, AXS, has dropped 4.4% in value. It now trades at $14.09, according to info from CoinMarketCap.
Besides metaverse tokens, Bitcoin and Ethereum have also been down. Bitcoin has dropped 3.65%, now trading at $20,550. Ethereum has also gone down 3.52%, now trading at $1,145.