Crypto does appear to be making an attempt at a trend reversal. The downward trend has been evident since November last year, but recently, Bitcoin, the major alts, and especially the metaverse plays, are turning this trend around.
As Bitcoin started its decline from the $69k highs, certain metaverse and gaming projects were just starting to move into top gear. Decentraland, The Sandbox, Gala Games, and Render, were the blue chip plays that generally led the field.
Decentraland’s MANA token started its rise in late October, no doubt boosted by the Zuckerberg announcement that Facebook would henceforth be known as Meta, and that the metaverse would be his company’s focus from now on.
On that announcement, MANA shot up 550% before declining over the next couple of weeks. However, once bitcoin reached its high on 10 November, MANA rose again to an all-time-high of $5.90, another 168%.
Since then, the whole crypto market went into a trough, where it remained until the last couple of weeks. Now MANA has put on around a 100% gain since its low of $1.69, to put it at a local price high of $3.38.
The Sandbox is the other big metaverse project where land is being purchased for huge amounts of value. A similar trajectory for SAND as for MANA saw even crazier gains. The initial Zuckerberg pump actually took SAND up 1050% to a price of $8.48.
The price rise since the $2.57 local bottom has taken the token up a relatively modest 85% so far. There will certainly be a lot of institutional fund interest in the project, so even though there might be a retrace in the short term, there could well be plenty of gas left in the tank should the crypto recovery take firm hold.
Gala Games is the leading blue chip gaming studio project. Nine games are currently on the platform, either being used, or in development. Some of those in development are said to be AAA games that will allow blockchain games to start competing with the traditional gaming industry.
GALA put on a 1000% after 10 November, and reached an all-time-high of around $0.84. The retrace took it all the way back to $0.15, but, since then it has led the charge with a 147% surge to $0.38.
Finally, Render (RNDR ) is a metaverse infrastructure play that may well eclipse most other projects in the sector. It seeks to use decentralised GPU power to literally render the graphics of the entire metaverse at a fraction of the cost and speed of typical rendering solutions available today.
RNDR started its charge also on the Meta announcement, and an 890% price surge took it to $8.77. It’s recent recovery after the decline of this year, has taken it back up 140%. A break-out from its current bull flag might well see it test the previous all-time-highs.