ApeCoin, STEPN drop 15% as games and Metaverse tokens plunge

In short

  • Several gaming and metaverse tokens posted double-digit declines today.
  • ApeCoin (APE) and STEPN (GMT) saw significant losses today, each dropping at least 15%

It’s a bright red day for much of the crypto market, as Bitcoin and Ethereum losses sent shockwaves throughout the ecosystem. And that’s the game and metaverse tokens that are some of the biggest bleeders in the last 24 hours, including ApeCoin (APE) and STAGE (GMT).

ApeCoin, the Ethereumtoken based on Bored Ape Yacht Club ecosystem, has fallen more than 15% in the past day per data from CoinMarketCap, with a total weekly fall of 23%. APE, which will feed the next Other side metaverse game, has been particularly volatile since its launch in March.

Meanwhile, the price of SolanaSTEPN’s GMT governance token has fallen 16% in the past 24 hours, with roughly the same drop in the past week. Even news of a partnership with the Spanish football club Atlético de Madrid could not prevent the STEPN token from losing significant value today.

These are two of the greatest examples to date, but there are others. Axie InfinityGovernance Token AXS Drops Nearly 13% Today, Ethereum Metaverse Game DecentralizedMANA token is down 12%, and Enjin Coin (ENJ) fell over 11%. Another notable metaverse game, The sandbox (SAND), is down 10%.

They all lag behind the broader crypto market, which lost 8% in value today. Best parts Bitcoin and Ethereum also fell around 8% today, triggering a cascade of liquidations this may have helped torpedo broader sentiment in the crypto market.

The current decline in the crypto market has been blamed in part on calls for further rate hikes from the Fed in September, as well as lower activity in the decentralized finance (DeFi) space. As of this writing, nearly $605 million in positions have been liquidated in the past 24 hours as crypto prices continue to fall, according to data from CoinGlass.

Looking more broadly at NFT-related tokens, there are other big losers in the current market. To flow (FLOW), the blockchain token behind NBA best shot and NFL All Day, is down 15% today and nearly 24% this week. It is despite yesterday’s public launch of NFL All Day after a long phase of closed beta testing.

Notable blockchain platforms for NFT collectibles like Tezos and Polygon experienced steeper declines than the market average today, as well, down 11% and 10% respectively.

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About Sharon Joseph

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