Decentraland Leads Metaverse Token Rally After Optimistic CPI Report

Crypto markets turned bullish following an optimistic CPI report which suggested the worst of inflation may be over for the U.S. economy.

The crypto market capitalization is up 2.7% to $945 billion in the last 24 hours, per data from Coingecko.

Metaverse and NFT-related cryptocurrencies have also rallied alongside the broader market and posted hefty gains today.

MANA, the token powering the metaverse game Decentraland, is up 11.6% over the past 24 hours and the fourth largest gainer among the top 100 cryptocurrencies by market capitalization, according to data from Coingecko

At press time, MANA trades at around $0.44 and is the 55th-largest cryptocurrency by market capitalization. 

Despite today’s tremendous gains, MANA is still far from its historical high of $5.85 in November 2021.

SAND, the token behind Decentraland’s competitor, The Sandbox, is also up 8.6% in the last 24 hours. At press time, SAND trades at around $0.56, per data from Coingecko.

On a weekly note, SAND is up a whopping 31.6%, reversing its losses over the past 30 days. 

Bullrun across the metaverse

Looking past digital real estate tokens like MANA and SAND, NFT-centric projects, including Flow (FLOW) and ImmutableX (IMX), have also enjoyed notable gains.

FLOW, the native token of Flow Blockchain, has gained 9.2% over the past 24 hours and recorded a new two-week high of $0.92 at press time, per data from CoinGecko.

Contrary to FLOW’s bullish price movement, Flow-based NFT trading volumes slumped 27.49% to $213,734 over the same period, according to data from Cryptoslam.

IMX, the native token powering ImmutableX, a layer-2 scaling solution for Ethereum-based NFTs, is up 7.1% over the past 24 hours, trading at roughly $0.53, after retreating from its new monthly high of $0.54, recorded earlier today.

Despite a significant price jump, IMX’s daily trading volumes dropped 22.81% to roughly $20 million.  

IMX is down 94.4% from its all-time high of $9.52 recorded in November 2021, per data from CoinGecko.

The market’s big two, Bitcoin (BTC) and Ethereum (ETH) have also gained 4% and 0.9% over the past 24 hours, per data from CoinGecko


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Written by Sujith Somraaj on 2023-01-13 09:51:07.

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