Why ApeCoin, Axie Infinity, STEPN, and The Sandbox Popped Today
The crypto market was absolutely on fire on Monday morning as Ethereum (CRYPTO: ETH) jumped by a double-digit percentage and most tokens on the Ethereum blockchain followed suit. Speculation that began last week that "The Merge" will improve the blockchain's functionality and create new investment opportunities has led to heavy buying of the cryptocurrency.
Utility tokens that live on the Ethereum blockchain were some of the biggest movers Monday as well. As of 11:30 a.m. ET, ApeCoin (CRYPTO: APE) was up 18% in the previous 24 hours, STEPN (CRYPTO: GMT) was up 17.3%, Axie Infinity (CRYPTO: AXS) was up 10.4%, and The Sandbox (CRYPTO: SAND) was up 9.5%. All of those moves came on the heels of a strong weekend in the crypto market.
Investors appear to be diving into Ethereum for a few reasons. One is that once "The Merge" is complete, it will open up the opportunity for staking. Investors who stake their Ethereum will earn more Ethereum as a reward, effectively turning the cryptocurrency into a yield-paying instrument.
Source Fool.com
