Metaverse Flow and Apecoin Tokens Plunge During the Week

It’s been a bearish week, fueled by the Federal Reserve’s 50 basis point rise, which has removed nearly $62 billion from the cryptocurrency market, according to data from Coingecko.

Metaverse-related cryptocurrencies and NFTs have been no exception.

The cryptocurrencies that power this niche, including Flow (FLOW) and Apecoin (APE), have posted significant double-digit losses over the past week.

FLOW, the Token that powers the Flow Blockchain, an NFT-focused blockchain network, has lost 22% of its value in the past week and posted a new monthly low of $0.74, according to data from Coingecko.

Contrary to its weekly downtrend, FLOW-based NFT trading volume has increased 27.27% to $1.185 million over the past week, according to data from CryptoSlam.

As of this writing, FLOW is up 2% in the last 24 hours and is trading around $0.77.

APE, the Token that underpins the ecosystem of the popular NFT collection Bored Apes Yacht Club and its upcoming metaverse platform Otherside, has also dropped 18% in the past seven days, erasing most of its gains since the launch of its program. staking in November 2022.

APE is also down nearly 86.8% from its all-time high of $26.70 recorded in April 2022, according to data from Coingecko. The Token is trading at $3.52.

Despite the bearish price action, the Apecoin-powered NFT Bored Apes Yacht Club and Mutant Ape Yacht Club topped sales volume over the past week.

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Cryptocurrency carnage in the metaverse

Beyond Apecoin and the native Flow Token, other NFT-adjacent and metaverse cryptocurrency projects in Chiliz (CHZ) and The Sandbox (SAND) have also been battered by the market.

CHZ, the Token behind the NFT Partners market, is also down 18.6% in the past week, trading at around $0.11 after staging a meager 0.4% rally this morning, according to data from Coingecko.

CHZ hit an all-time high of $0.87 in March 2021. Since then, however, the coin has plunged by more than a whopping 87%.

Last month’s new land sale, packed with influencers, hasn’t been enough to propel the SAND metaverse real estate coin.

Like other coins in the metaverse, SAND is also down 18% in the past week. In annual terms, SAND has lost almost 91.1% of its value.

Today, SAND posted its new yearly low of $0.45, according to data from Coingecko.

Despite its sharp price decline, sales of real estate in the Sandbox went from $33,000 last week to just over $51,000 this week, according to data from NFT Stats.

Disclaimer

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