- Even the bullish metrics in the NFT space can’t make the metaverse tokens shake the Fed.
- The influencer-based new land sale of the previous month isn’t enough to pump SAND, the metaverse real-estate coin.
- In the past week, cryptocurrencies like Flow and ApeCoin have posted major double-digit losses.
The past week looked bearish, especially with the hawkish 50 basis point increase by the Fed, leading to a wipeout of $62 billion from the crypto market.
Cryptocurrencies including ApeCoin and Flow have shared losses in double-digit in the past week.
During the past week, FLOW has lost 22% of its value besides recording a monthly low of $0.74. The Flow-dependent NFT trading volume has spiked 27.27% to $1.285 million in the last week. In the past 24 hours, FLOW is up 2% and traded at $0.77.
APE has also declined 18% during the past seven days; thus, wiping out the majority of its profits ever since the release of its staking program last month. Since an all-time high of $26.70 in April, APE has fallen nearly 86.8%. The token is trading at $3.52 as of now.
Over the past week, CHZ, the token that’s behind the Socios marketplace, is down 18.6% and is trading at $0.11. In March last year, CHZ recorded an all-time high of $0.87. The coin has since plummeted by 87%.
Similar to other metaverse coins, SAND has also fallen 18% during the past week. Talking about yearly, SAND has lost 91.1% in terms of its value. It has recorded an annual low of $0.45 today. Sandbox real estate sales have spiked from $33,000 last week to above $51,000 this week.