- NFTs and Metaverse tokens spiked during the week before pulling back to end the week lower overall.
- Dotmoovs, Vulcan Forged and Mobox led gains in metaverse tokens.
- Biswap, vEmpire DDAO, and BabySwap were among the top gainers in NFTs & Collectibles tokens.
In this week’s editions of the token boom report, OpenSea finally announced that its long-rumoured Solana integration was coming this April, subsequently boosting the SOL price by more than 35%.
The leading NFT marketplace also announced a partnership with MoonPay, enabling credit card payments.
On the other hand, Shiba Inu led metaverse headlines after the popular dog-themed meme token announced its metaverse world rebranded to “SHIB: The Metaverse” was unlocking more than 36k plots of land, with nearly 70k more plots to be unlocked in the future.
From a general industry perspective, a report by Citi estimates that the metaverse economy could be worth as much as $13 trillion by the year 2030, highlighting opportunities in social experiences, e-commerce advertising, and education, among others.
As Citi joins Goldman Sachs and Morgan Stanley with another bullish outlook of the metaverse, the market witnessed a significant spike in token prices before easing off during the weekend to trim the gains.
Leading the charts was Dotmoovs (MOOV/USDT) with a spike of nearly 1,400, while Mobox and Vulcan Forged also rallied by nearly 60% and 50%, respectively.
The tokens were partially boosted by the overall rebound in the crypto industry. However, the weekend pullback pushed the overall metaverse tokens market capitalisation down to $34.6 billion from $35.6 billion in the previous week.
Dotmoovs is a peer-to-peer sports competition platform revolutionising the sports performance industry. The platform allows players to monetize their skills and earn $MOOVs tokens by making simple videos with a smartphone.
The platform announced on Saturday that it was joining Bitrue’s spot trading platform, further expanding its ecosystem.
The token had rallied more than 1,390% during the week ahead of the announcement. However, the $MOOV token has since pulled back to trim the gains, ending the week with a net gain of just under 500%.
Technically, traders can target potential rebound profits at about $0.0504, or higher at $0.0586. On the other hand, $0.0357 and $0.0214 are crucial support levels.
Mobox token (MBOX/USD)
Mobox is a play-to-earn and free-to-play gaming ecosystem that combines leading yield farming Decentralised Finance (DeFi) protocols with the best gaming non-fungible tokens (NFTs), creating a cross-platform gaming metaverse.
The platform announced on April 1 two major events to commemorate the first year since launching on April 6.
Later in the week, it also announced that it had burned more than 214k MBOXs, equivalent to 750k BNB. Token burning generally boosts the price of the cryptocurrency because it reduces the number in circulating supply.
The $MBOX token pulled back on Monday morning creating an exciting opportunity for a rebound. Therefore, traders could target upward profits at about $4.029, or higher at $4273. On the other hand, $3.659 and $3.398 are crucial support levels.
Vulcan Forged (PYR/USD)
Vulcan Forged is a leading metaverse gaming and NFt marketplace, governed by $PYR, the native utility token. Its Vulcanverse universe is a metaverse world made up of 10,000 plots of land.
The native token can be used for staking in Vulcanverse, as well as, earning P2E rewards and participating in NFT drops.
On April 2, Vulcan Forged announced its partnership with Binance and Bifinity to offer Fiat on-ramps, allowing players to purchase $PYR directly from their Forge wallets.
The $PYR token bounced back to recoup losses incurred earlier in day, rallying to retest the weekly highs of about $18.00.
Technically, traders will be targeting rebound profits from Monday’s pullback at about $16.76, or higher at $17.72, while $15.15 and $14.36 are crucial support levels.
NFTs and Collectibles tokens
The NFTs and Collectibles tokens pulled back slightly during the week to a total market cap of about $49.35 billion, down from the previous week’s equivalent of $50.66 billion.
Some of the segment-leading headlines included Azuki’s record NFT sale of $1.4 million pushing it high among the most expensive NFTs ever sold. The world’s largest card company Visa launched a program to help creators build businesses around NFTs, while GameStop filed trademark applications to offer the revolutionary digital assets.
AdaSwap also announced the first-ever decentralised NFT marketplace ADANFT, on the Cardano network.
From a trading perspective, vEmpire Gamer token, Biswap and BabySwap led the top NFTs and collectibles tokens gains during the week.
vEmpire DDAO (VEMP/USDT)
vEmpire DDAO is the first decentralised metaverse token that offers staking in exchange for dual yield interest. The platform pays users yield for both the original staked token and $VEMP.
Moreover, vEmpire has been adding more tokens to its staking pool. The latest addition was ApeCoin $APE, announced on April 1.
The $VEMP price rallied more than 150% following the announcement before pulling back late on Sunday.
Technically, the $VEMP token seems to have pulled back to create an exciting opportunity for a rebound. Therefore, traders could target profits at about $0.1841, or higher at $0.2079. On the other hand, $0.1480 and $0.1308 are crucial support levels.
Biswap is a decentralised exchange (DEX) offering several products. Among its top products is an NFT marketplace that also supports lending and borrowing, as well as, cross-chain support.
Binance announced on April 1, the integration of Biswap on its staking platform, allowing users to stake $BSW.
The $BSW token rallied more than 240% through Saturday, before pulling back on Sunday to trim the gains.
Technically, $BSW traders could target potential rebound profits at about $1.39, or higher at $1.72. On the other hand, $1.06 and $0.83 are crucial support levels.
BabySwap is an AMM and NFT decentralised exchange marketplace created specifically for new projects on the BNB Chain. Its native token $BABY powers the ecosystem, providing a better trading experience.
BabySwap announced the expansion of its ecosystem last week after partnering with ESG Financial to allow users to lend and borrow with $BABY.
The price rallied 93% through Saturday, before pulling back slightly on Sunday.
Technically, traders can target potential rebound profits at about $0.45, or higher at $0.48. On the other hand, $0.37 and $0.32 are crucial support levels.
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