Gains in top metaverse tokens widely outpaced their peers on Wednesday, with total market capitalization in the space up 6.5% to $31.1 billion in the last 24 hours. Trading volumes are also up by 74%.
The Cryptocurrency market saw some recovery on Wednesday. Bitcoin (BTC) surged by over 3% to breach the $42,000 price level, while other major coins printed green indexes.
But metaverse tokens like Apecoin (APE), Sandbox (SAND) and GALA blew past their peers. Positive updates over APE and SAND appear to have driven buying interest across several other metaverse tokens.
The biggest of the Ethereum whales have been buying heavily into metaverse tokens. APE, GALA and SAND rank among the top 10 most purchased tokens by ETH whales in the past 24 hours.
APE surges by 34%
ApeCoin has come out to be the top gainer of the day. The APE token’s price skyrocketed by over 34% in the last 24 hours. The recent upward rally is the outcome of several factors. APE recently got listed on Gemini Earn. However, it is expected that the speculations around Yuga Labs’s upcoming metaverse named “Otherside” can be the major factor behind the Whopping surge.
According to reports, the Yuga Labs will be launching land sales on the Otherside at the starting price of 600 APE. However, the APE token is already up by over 1500% since it came into existence last month. Recently, APE took over the Decentraland (MANA) to become the largest metaverse token. Meanwhile, its 24 hours trading volume has seen a surge of over 360%.
Sandbox 24 hr trading volume jumps by 65%.
The other Metaverse coin to surge is Sandbox. According to WhaleStats, ETH whale named “BlueWhale0093” added $1.48 million worth of SAND. Meanwhile, SANDs 24 hour trading volume saw a surge of over 65%.
The reason behind the surge can be connected to a report from Bloomberg. The report said the Sandbox will be raising $400 million from various investors. The Sandbox’s native token SAND, is up by over 8% in the last 7 days. SAND is the 40th largest cryptocurrency with a total market capitalisation of more than $3.4 billion.