Why These 4 Metaverse Cryptocurrencies Are Rocketing Higher Today
The precise bucket investors sort cryptocurrencies such as Axie Infinity (CRYPTO: AXS), Internet Computer (CRYPTO: ICP), Decentraland (CRYPTO: MANA), and The Sandbox (CRYPTO: SAND) into may vary. Some believe these are metaverse cryptos (a rather nebulous term to be sure), others Web3 plays, or simply applications that can be put into the decentralized finance (DeFi) bucket due to their transactional nature and ties to non-fungible tokens (NFTs) and other use cases.
That said, each of these four tokens surged over the weekend. Since 4 p.m. ET Friday, these cryptos are up 22.9%, 14.4%, 10.8%, and 10.2%, respectively, in today's afternoon session. Those double-digit gains are tied to continued bullish macro conditions, as well as a number of token-specific catalysts seen over the past few trading days.
Notably, Axie Infinity is among the leading tokens seeing large-scale purchases from large accounts, referred to as "whales" in the crypto community. Over the past 24 hours, nine transactions of more than $100,000 took place, with 19 such transactions seen during yesterday's session. These significant transactions signal serious investor interest in Axie Infinity and its play-to-earn decentralized application.
Source Fool.com
