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![A blue chart moving up and down.](https://img.decrypt.co/insecure/rs:fit:3840:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2022/12/Sales-Summary-Historical-Sales.jpeg@webp)
What’s pumping the metaverse?
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$61,990.00
-1.64%$3,422.77
-0.92%$6.56
2.51%$578.65
-0.15%$153.61
4.37%$3,421.98
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0.03%$0.484123
1.31%$8.03
3.13%$0.124932
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3.40%$0.128953
0.69%$28.46
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0.06%$61,998.00
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0.46%$382.35
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4.51%$75.71
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0.07%$7.66
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2.06%$0.093409
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0.54%$0.780091
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1.81%$1.68
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0.61%$0.99962
0.05%$1.77
-0.53%$3,795.76
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3.69%$246.06
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1.37%$3,549.23
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1.23%$0.584982
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0.30%$7.80
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0.05%$0.01858034
8.72%$3.76
2.14%$5.97
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-0.05%$32.20
3.08%$0.497045
-2.66%$0.00000087
-0.69%$183.73
4.04%$10.42
-1.21%$0.635292
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-0.12%$38.34
0.74%$1.35
0.32%$0.802382
1.32%$0.330307
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0.17%$284.18
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0.47%$181.12
3.85%$2.21
0.11%$0.587734
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0.07%$2.04
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1.48%$1.20
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0.86%$3,675.65
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0.42%$0.624007
4.22%$2.31
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0.27%$3,729.00
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6.51%$0.01153285
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0.65%$0.00000045
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0.30%$24.88
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0.42%$2,319.68
0.29%$0.072559
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-2.57%$1.003
0.43%$0.986962
-0.88%$0.00449829
-4.72%$1.70
6.83%$19.27
-4.00%$3.31
-5.84%$0.83727
0.04%$0.04081498
-1.22%$8.93
-3.53%$0.00000018
-2.36%$68.75
-1.04%$0.01760662
-3.98%$0.00106245
-2.47%$24.00
0.50%$0.540727
-1.13%$1.35
0.42%$0.284641
0.43%$8.66
-1.05%$0.573854
-0.57%$0.345179
-2.32%$0.200625
0.05%$1.01
-1.73%$0.01964524
-8.76%$49.76
0.03%$0.161443
-0.43%$0.01771224
2.31%$0.03107844
0.94%$0.798608
-1.83%$0.00181308
-1.19%$0.590231
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-6.44%$20.78
0.75%$0.192616
-2.21%$2.70
-9.01%$1,244.08
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0.58%$2.48
3.16%$0.365904
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0.95%$0.659136
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0.73%$2.94
-4.51%$39.26
-0.08%$0.00548123
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2.97%$28.76
-0.45%$5.89
-10.70%$48.21
0.60%$0.0048504
-0.40%$2.57
-0.52%$2.50
-0.86%$0.070572
0.26%$0.00461395
-0.60%$0.02187642
1.56%$2.65
16.22%$2.26
2.26%$2.21
-0.45%$0.04924066
-2.74%$2.55
1.35%$3,567.92
-0.81%$0.347976
-1.75%$61,848.00
-1.75%$0.875122
3.16%$0.153765
-10.28%$94.91
0.45%$0.0377422
2.20%$0.490081
-2.04%$0.484504
5.31%$3.67
-0.44%$2.91
-5.47%$0.353308
3.02%$21.97
-5.87%$2.90
-2.67%$0.139402
5.80%$14.10
-5.85%$32.92
-2.68%$0.0000003
-1.09%$0.02294984
-1.16%Metaverse and NFT-focused cryptocurrencies, including Axie Infinity (AXS),Flow (FLOW), Apecoin (APE), and Sandbox (SAND), have posted significant gains over the past 24 hours.
Play-to-earn (P2E) gaming platform Axie Infinity’s AXS governance token soared 25.6% in the last 24 hours, making it the largest gainer among the top 100 cryptocurrencies, per Coingecko.
As of this writing, AXS trades at around $8.54 and is the 46th-largest cryptocurrency boasting a market capitalization just north of $970 million.
Despite today’s heroics, AXS has had a rocky 2022. AXS lost nearly 94.8% of its value from its recorded all-time high of $164.90 in November 2021.
According to NFT data platform CryptoSlam, trading volume for Axie Infinity has fluctuated between roughly $18,000 and as high as $48,000 over the past few weeks.
Given today’s bullish price action, roughly $20,000 in AXS short trades were liquidated in the past 24 hours, according to Coinglass.
Meanwhile, the token powering the Flow blockchain has rallied more than 5.5% over the past 24 hours and trades at around $1.15, per data from Coingecko.
In August 2022, Instagram integrated Flow-based NFTs pumped the token’s price to $3. Since then, however, FLOW has been on a downtrend.
As of this writing, FLOW has lost 97.3% of its value since its all-time high of $42.40 in April 2021.
Apecoin (APE), the Ethereum-based token created for the Bored Ape Yacht Club (BAYC) ecosystem, has also gained nearly 4% over the past 24 hours and trades at around $4.12 per Coingecko.
The 34th-largest cryptocurrency APE’s daily trading volumes rose 66% to $192 million over the past day.
SAND, the token powering the virtual real estate project The Sandbox, is up 6.7% to $0.62 over the past 24 hours, participating in the widely driven NFT-based token rally.
According to Coingecko, SAND gained nearly 9% over the past week. But the bullish week hasn’t been strong enough to reverse its yearly losses. In November 2021, SAND rallied as high as $8.40.
The primary reason driving the bullish price action of the metaverse and NFT-related tokens is the rising sales volume over the past 24 hours.
According to data from CryptoSlam, overall NFT sales volume rose 20.75% in the last 24 hours to just above $16.5 million.
Ethereum-based, in particular, NFTs saw a 31.36% spike in daily trading volumes, followed by Flow with 16.28%, likely contributing to the token’s latest rally.
Yuga Lab’s NFT collections Otherdeed, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC) collectively made up roughly 40% of the Ethereum-based NFT’s trading volume, helping APE ride its fortunes.
Beyond NFT and metaverse tokens, leading cryptocurrencies in Bitcoin (BTC) and Ethereum (ETH) have also rallied 1.6% and 2.7% over the past 24 hours. The overall cryptocurrency market is also up 2%, amounting to more than $906 billion at press time.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.