Tis the Metaverse Season, Decentraland, The Sandbox, Efinity Price Up Over 25%
Tis the season of the Metaverse coins, and while Bitcoin and Ethereum continue to struggle, we’re seeing incredible price gains from top Metaverse projects like Decentraland (MANA), The Sandbox (SAND), and Efinity (EFI). All of the projects listed above gained over 25% in the past 24 hours! Let’s take a look at some top gainers today and see what the future holds for these cryptocurrencies.
The list below is ordered based on price gained in the past 24 hours, lowest to highest.
Decentraland (MANA) $5.02 +24.86%
Decentraland is the most known Metaverse coin on the market. With the recent price hike, Decentraland is now the highest valued Metaverse coin, recently overtaking Axie Infinity. With today’s MANA price increase, Decentraland also hit an all time high of $5.42.
In recent news, Decentraland announced the largest Metaverse land purchase ever made. Tokens.com and Metaverse Group secured a 116 parcel estate, costing over $2.4 million!
It’s crazy to see a virtual property sell for more money than most people’s houses, which goes to show just how valuable Metaverse projects can be.
As the leader of all Metaverse projects and my personal favorite, MANA makes for a great long-term hold for 2022. The Metaverse hype is only expected to continue next year, and leaders in the space are bound to benefit from the emerging trend.
When it comes to getting your hands on some MANA, you can purchase the token on most major exchanges. Some of the top exchanges for Decentraland include: Binance, Coinbase Exchange, Huobi Global, and KuCoin. If you are a US resident I would recommend KuCoin or Coinbase Exchange.
Decentraland has a total supply of 2.19 billion, with a circulating supply of 1.82 billion. At the time of writing, MANA has a 24 hour trading volume of $8.9 billion with a market cap of $9.4 billion.
Efinity (EFI) – $2.23 +31.31%
Efinity is the blockchain Metaverse developed by the Enjin team, and EFI is the first paratoken on the Efinity network. If you aren’t familiar with the Paratoken Standard, it’s similar to the ERC-20 or BEP-20 token standards but allows for cross chain support. In other words, the new token standard allows you to bring tokens from other platform and express them as paratokens on a parachain like Efinity.
Enjin coin is the team behind Efinity, and is known to be one of the leaders in the NFT space. Launched in 2009, Enjin is one of the longest running projects on the market. Throughout the years, ENJ has consistently been able to continue transforming itself to keep up with emerging cryptocurrency trends.
In recent news, Efinity’s team announced a 200M EFI fund (worth $450 million at the time of writing) to fuel the Efinity parachain. The EFI fund is meant to reward Efinity crowdloan participants, allowing users to earn EFI for loaning their DOT. Unfortunately, the service is not available to US citizens.
With a market cap of $380 million, Efinity is still a relatively small player in the Metaverse space, however given how the market is responding it wouldn’t be surprising to see EFI’s valuation hit at least $500 million by EOY.
You can purchase EFI on many exchanges, some of which include: Gate.io, Coinlist Pro, Poloniex, OKEx, Crypto.com, and Uniswap. If you are a US resident I highly recommend Crypto.com.
Efinity has a total supply of 2 billion, with a circulating supply of 169 million. At the time of writing, EFI has a 24 hour trading volume of $83 million with a market cap of $385 million.
The Sandbox (SAND) – $7.42 +34.47%
The Sandbox is the most anticipated Metaverse project on the market, and it comes as no surprise that we’re seeing SAND price rising over 30% in the past 24 hours. With the alpha release of their game coming up on November 29th, the market is pumping in anticipation.
Today, The Sandbox announced a raffle for 1000 passes that will let users access all the content and rewards of the Alpha. Keep in mind that the Alpha release will be open to the public and anyone will be able to visit the HUB and check out the 3 available experiences at launch.
In order to participate in the raffle, you must own LAND, which can be purchased on a variety of exchanges. Some of the top exchange to purchase LAND are: Binance, Huobi Global, KuCoin, Bithumb, and Uniswap. If you’re a US resident I would highly recommend KuCoin.
At the time of writing SAND is trading at $7.5 with a 24 hour trading volume of $9.7 billion. The Sandbox’s current market cap is $6.6 billion, setting it as the 3rd largest Metaverse project following Decentraland and Axie Infinity.
With the upcoming Alpha launch on November 29th it’s clear that the market is getting hyped for the release. I wouldn’t be surprised to see SAND price experience another bull run before the end of the week.
SAND has a total supply of 3 billion, with a circulating supply of 892 million. At the time of writing, SAND has a 24 hour trading volume of $892 million with a market cap of $6.8 billion.
Disclosure: This is not trading or investment advice. Always do your own research before buying any cryptocurrency.
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