In the last 24 hours, coins focused on the metaverse and NFTs like Axie Infinity (AXS), Flow (FLOW), Apecoin (APE), and Sandbox (SAND) have gone up a lot.
Coingecko says that the price of Axie Infinity’s AXS governance token has gone up by 25.6% in the last 24 hours, making it the cryptocurrency with the most growth among the top 100.
As of this writing, AXS is trading for about $8.54 and has a market capitalization of just over $970 million. It is the 46th largest cryptocurrency.
Even though they did great things today, AXS had a hard 2022. Since November 2021, when it was worth $164.90, AXS has lost about 94.8% of its value.
According to the NFT data site CryptoSlam, the amount of Axie Infinity that was traded in the last few weeks ranged from $18,000 to $48,000.
Due to today’s strong price activity, Coinglass says that around $20,000 worth of short positions in AXS were closed in the last 24 hours.
Coingecko data shows that the token that runs the Flow blockchain has gone up by more than 5.5% in the last 24 hours and is now worth about $1.15.
When Instagram added Flow-based NFTs in August 2022, the token’s value went up to $3. On the other hand, FLOW has been going downhill since then.
As of this writing, FLOW has lost 97.3% of its value since it reached its all-time high of $42.40 in April 2021.
Apecoin (APE), which is based on Ethereum and was made for the Bored Ape Yacht Club (BAYC) ecosystem, has gone up about 4% in the last 24 hours and is now worth about $4.12 per Coingecko.
The 34th-largest cryptocurrency, APE, has a daily trade volume of $192 million, up 66% from the day before.
The price of SAND, the token that runs the virtual real estate project The Sandbox, has gone up by 6.7% in the last 24 hours to $0.62. This is part of a larger trend of NFT-based tokens going up in value.
Coingecko says that SAND has gone up about 9% in the last week. But this week’s gains have not been enough to make up for the market’s losses over the past year. In November 2021, the highest price for SAND was $8.40.
Why is the metaverse getting bigger?
The main reason the prices of metaverse and NFT-related coins are going up is because the number of sales has gone up in the last 24 hours.
Data from CryptoSlam shows that the total amount of NFTs sold has gone up by 20.75 percent in the last 24 hours, to just over $16.5 million.
For example, the number of daily trades in NFTs based on Ethereum went up by 31.36 percent, and the number of daily trades in Flow went up by 16.28 percent, which may have helped the token’s recent rise.
In fact, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) made up about 40% of the trading volume of Ethereum-based NFTs, which helped APE ride the wave of its success.
Aside from NFT and metaverse tokens, popular cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have gained 1.6% and 2.7%, respectively, in the last 24 hours. As of press time, the global market for cryptocurrencies has gone up by 2% and is now worth more than $906 billion.
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