This has been a brutal week for the cryptocurrency market, as hundreds of billions of dollars disappeared from the map amid the collapse of LUNA and Terra’s UST — and took much of the market with them.
However, after several days of decline, cryptocurrency prices recorded a high this Friday (13). The market as a whole is up 5% in the last 24 hours while bitcoin (BTC) and ether (ETH) have posted solid gains and altcoins such as solana (SOL), avalanche (AVAX) and cardano (ADA) are up around 15% each.
However, it is gaming and metaverse tokens that are posting the biggest gains on the last day of the week, including some that soared 35%, according to website CoinMarketCap.
GALA, the token of the growing crypto gaming ecosystem, is up 39% in the last 24 hours and is priced at just $0.09. It still records a weekly drop of 36% but is starting to regain some of the value it has lost recently.
Meanwhile, MANA — the token of the famous metaverse game Decentraland — is up 35% and is trading at $1.03. The Sandbox, the opposing game, saw its SAND token soar by 17% (now at $1.33). Both tokens had devalued since October 2021, when Facebook revealed its own plans to launch a metaverse.
GMT, the token for the newly launched mobile game “move to earn” (or “move to earn”) for mobile STEPN, is up 37% and is priced at $1.55. ENJIN, crypto gaming company Enjin’s token, is up 16% and is trading at $0.68.
Apecoin (APE), the newly launched token from the Bored Ape Yacht Club (or BAYC) ecosystem, also saw a 26% increase, priced at $8.73. But given that it was trading below $6 on Thursday, it is another metaverse gaming token that is reeling from recent drops.
We’ll see if these gaming tokens will maintain their bullishness after the recent onslaught or if it’s just a temporary respite before there are more dips to follow.
*Translated by Daniela Pereira do Nascimento with permission from decrypt.co.