ApeCoin Plunged to a New 7-Week Low, While The Sandbox and LooksRare Also Fell

In this edition of the token boom report, we discuss $APE, $RARE, $LOOKS, $SAND, $VR and $SYS as the metaverse and NFTs & Collectibles token fall further.
Token Boom Series

Quick take:

  • ApeCoin has now fallen to the lowest level since March.
  • The Sandbox also san to a new monthly low.
  • LooksRare and SuperRare were among the top decliners in NFTs and collectibles tokens.

In this edition of the weekly token boom report, ApeCoin extended declines falling to the lowest level since March 21, while the Sandbox set a new monthly low. Other major decliners included LooksRare, SuperRare, Victoria VR and Syscoin.

The metaverse and NFTs & collectibles tokens extended losses this week falling to the lowers level in nearly two months amid the crypto crash. However, this did not prevent some of the leading gaming companies from shifting their focus toward blockchain gaming and NFTs.

Leading Japanese entertainment and video game developer Square Enix sold its western division for about $300 million to Embracer Group. The IP transfers included some of the game developer’s top video games Tomb Raider and Deus Ex.

Metaverse tokens

The metaverse segment of the crypto industry extended declines over the last seven days, falling to a total market cap of about $19 billion down from the previous week’s valuation of $23.17 billion. 

The extended fall in the market cap can be attributed to the general collapse of the crypto industry according to market reports.

One of the biggest victims of this decline was ApeCoin, while the Sandbox and Victoria VR also saw prices fall consistently throughout the week.

ApeCoin (APE/USD)

ApeCoin $APE  is the utility token of the Otherside metaverse, which recently completed an oversubscribed Otherdeeds land sale, putting May 2022 NFT transaction volume on track to exceed April numbers.

The token was announced as part of OpenSea supported cryptocurrencies that can be used to trade NFTs. The $APE price declined by more than 36% last week despite the significant announcement.

It continued to decline further on Monday, reaching a new low seven-week low of about $10.00.

Technically, traders can target extended declines at about $9.05, or lower at $7.27, as long as the general crypto industry collapse continues. However, if a rebound occurs within the next few days, $12.88 and $15.20 could be the ideal resistance zones.

Victoria VR (VR/USDT)

Victoria VR is a massively multiplayer online roleplaying blockchain game in virtual reality with realistic graphics built on Unreal Engine. The game is developed and managed by users via a decentralised community governed using the $VR token.

The platform launched announced the launch of a quest competition in Oculus VR last week, but that did not stop the token from falling further amid the crypto market pressure.

The $VR token price plummeted barely 40% before extending losses on Monday. The quest will grant some VR token holders access to the Alpha version, which is launching on May 10.

Technically, the $VR token price seems to be trading under intense bearish pressure amid the crypto market collapse. Therefore, although the Alpha launch may trigger some reaction, traders can still target potential declines at about $0.055, or lower at $0.048.

On the other hand, $0.069 and $0.076 are crucial resistance levels.

The Sandbox (SAND/USD)

The Sandbox game is one of the most popular metaverse platforms in the market. It is Animoca Brands’ most valued asset after reports revealed last month there were plans to raise $400 million at a $4 billion valuation.

The $SAND token surged significantly a the start of the week after announcing a new record for a 12X12 land sale, which netted 626,666 $SAND (~$1.47M USD) in the preceding weekend.

However, the $SAND token price soon erased those gains falling more than 23% between May 5 and May 7, before attempting a rebound on Sunday.

Technically, traders could target potential rebound profits at about $1.92, or higher at $1.96. On the other hand, $1.80 and $1.74 are crucial support zones.

NFTs and Collectibles tokens

The NFTs and Collectibles tokens extended last week’s declines to a total mark capitalisation of about $29.9 billion, down from the previous week’s market valuation of $35.6 billion.

The segment benefitted momentarily from the Othedeeds land sale, before crashing to the current levels. 

Elsewhere, LooksRare continued to woo potential NFT listers to its platform with the new rewards program, but without success. The highly incentivised NFT Marketplace has an offer running, which grants 250,000 LOOKS tokens on a daily basis.

LooksRare token (LOOKS/USD)

LooksRare is a highly incentivised NFT marketplace offering traders rewards in its native $LOOK token. The platform also offers NFT Trading services at relatively lower gas fees compared to OpenSea.

LooksRare is running an additional rewards program for project creators and NFT owners to list the collections on the platform for a chance to be rewarded with a percentage of the 250,000 $LOOKS offered per day.

The $LOOKS token spiked momentarily earlier in the week, before trimming gains towards the end to trade at the lowest level since mid-March.

Technically, traders could target extended declines at about $1.00, or lower at $0.90. On the other hand, $1.16 and $1.24 are crucial resistance levels.

SuperRare (RARE/USD)

Leading NFT art marketplace SuperRare was not spared during [this week’s massive crypto crash, with its price plunging more than 32% between May 2 and May 8.

On May 2, the platform announced the launch of The Gold Standard NFT exhibition to celebrate Asian American Pacific Islander Heritage Month, 2022, showcasing some of the best works of Asian Americans.

However, the spike in the $RARE price following the announcement was short-lived, with the price plummeting since then to the current level of about $0.32.

Technically, traders could target potential rebound profits at about $0.34, or lower at $0.37. On the other hand, $0.30 and $0.28 are crucial support zones.

Syscoin (SYS/USDT)

Syscoin is a smart contracts platform created to support next-edge Web3 platforms. The platform plans to roll-up cutting-edge technologies to support the creation of the metaverse. 

Syscoin’s roadmap includes among other Web3 features, the launch of zero-knowledge rollups, optimistic rollups, Validium.

Syscoin went live on Huobi Global on May 2 sparking a slight reaction in the $SYS token price. However, it has been downhill since then.

Technically, traders could target potential rebounds at about $0.31, or higher at $0.33. On the other hand, if the declines continue, Syscoin could find support at about $0.28, or lower at $0.26.

Stay up to date:

Previous Post

Irene Zhao is Raising Funds for Influencer Platform SO-COL at a $100M Valuation

Next Post

Irrelevant Labs Raises $40 Million Led by Andreessen Horowitz

Related Posts