These metaverse tokens are defying crypto bloodbath, up 395%
Metaverse tokens outperformed other crypto sectors year on year according to Kraken data
The one section of the crypto sector that appears to have weathered the recent market turmoil is metaverse tokens, according to a report by Kraken Intelligence and CoinGecko.
The study, Hold steady: May 2022 Market Recap & Outlook, found tokens focused on metaverse projects have outperformed almost every other cryptocurrency category, rising by 395% year-on-year.
The token for the move-to-earn project STEPN (GMT), enjoyed the largest price increase between May 2021 and May 2022, rising by 746%, Cointelegraph reported.
The governance token AXS for Axie Infinity, a blockchain-based trading and battling game, followed with a 511% increase. The Sandbox (SAND) and Decentraland (MANA) rose by 470% and 41%, respectively.
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Metaverse not immune to downturn
Metaverse tokens have by no means been immune to the recent downturn in the cryptocurrency market. STEPN’s market capitalisation of nearly $600m, according to CoinGecko, is a quarter of the $2.4bn all-time high it reached in April. Simlarly, having traded at $165.30 in November, Axie Infinity was trading 88.1% lower at around $19.60 today.
After metaverse tokens 395% rise between May 2021 and May 2022, Kraken found the next highest year-on-year gains were enjoyed by exchange tokens, which rose by just 6%. Bitcoin fared even worse, falling by 13%, while decentralised dinance (DeFi) tokens sank by 72%.
