Quick take:
- In this week’s edition of the token boom report, Highstreet token spiked more than 300% after announcing an Initial Home Offering (IHO) on Binance NFT.
- Apecoin made a choppy debut plunging sharply before rallying back during the weekend.
- SuperRare rocketed more than 115% late on Sunday.
In this week’s edition of the token boom report, the metaverse and NFTs & Collectibles tokens made significant gains during the week before pulling back over the weekend. From an industry perspective, Ukraine took the long-awaited decision to officially legalize cryptocurrency allowing banks to open accounts for Web3 companies.
Elsewhere, ProShares launched its first metaverse ETF VERS, while Spotify revealed plans to introduce non-fungible tokens to its streaming service.
On the other hand, Chuck Norris and Band-Aid jumped into the metaverse trademark train, while Universal Music became the latest brand to jump on the metaverse experiential entertainment services after purchasing a Bored Ape NFT to manage a virtual band.
Metaverse tokens
Metaverse tokens rallied to a market cap of nearly $30 billion before pulling back towards the end of the week to end the seven day period pinned at $28.9 billion. This was a significant gain from the previous week’s total valuation of $23.7 billion.
The continued influx of physical brands into the virtual world continued with a series of trademark filings, while Hex Trust’s $88 million raise highlighted the VC activity in the GameFi and Web3.
Overall, Highstreet, CEEK VR and Vulcan Forged posted some of the best gains during the week.
Highstreet token (HIGH/USD)
The Highstreet token $HIGH is the native token of Highstreet world, a play-to-earn metaverse game built with virtual reality (VR) support. The game also features $STREET a utility token that powers in-game items.
On Thursday, Highstreet announced an Initial Home Offering (IFO) on Binance NFT, boosting the $HIGH price.
However, on Sunday, the platform asked everyone to withdraw their homes from Binance to Metamask ahead of the big launch on March 31. The announcement added pressure on the $HIGH token pushing the price lower.
Technically, traders can target potential rebound profits at about $7.02, or higher at $8.29. On the other hand, $5.17 and $2.96 are crucial support zones.
CEEK VR (CEEK/USDT)
CEEK VR is a Web3 platform that connects music artists, athletes and other digital content creators in a 3D virtual world. CEEK’s metaverse ecosystem also offers an NFT marketplace where fans can buy digital collectables offered by their stars.
CEEK is redefining fan entertainment by offering users an opportunity to attend concerts in the metaverse.
On Sunday, CEEK’s Rapperholic metaverse concert went live in the desert in Dubai, sparking a sharp rebound in the $CEEK token price.
Technically, the $CEEK token price gains more than 50% during the week, following Sunday’s recovery.
Traders can target extended gains at about $0.44, or higher at $0.45, while $0.41 and $0.39 are crucial support levels.
Vulcan Forged (PYR/USD)
Vulcan Forged is a blockchain game developer and NFT marketplace built on the Elysium blockchain network. The platform has created the Vulcanverse, its multiverse gaming ecosystem, which also features an NFT marketplace.
Last week, Vulcan Forged announced several project launches, also revealing a long list of more brands that are about to debut on its platform.
The Vulcan Forged $PYR token spiked sharply on Saturday before pulling back slightly on Sunday.
Technically, the $PYR token price seems to be recovering from Sunday’s pullback. Therefore, investors could target extended rebound profits at about $10.17, or higher at $10.46. On the other hand, $9.54 and $9.18 are support levels.
NFTs and Collectibles tokens
NFTs and collectibles tokens rallied last week before pulling back in the week to settle at a market cap of about $41.38 billion. In the previous week, this segment of the crypto industry had a total market of $33.74 billion.
Therefore, the segment posted significant gains over the seven-day period despite pulling back slightly in the past two days.
Some of the events that dominated headlines included ConsenSys’ $450 million fundraise, which valued the company at a market cap of $7 billion. Elsewhere, Spotify revealed plans to add Web3 items and NFTs to streaming services.
However, the biggest news came from the Apecoin launch, which made a choppy Debut after listing on various exchanges. SuperRare and Origin Protocol were among the gainers.
Apecoin (APE/USD)
Apecoin launched on March 17 making a choppy debut. Some traders bought the token at a price as high as $100, while others bought it when it bottomed at about $6.00.
All this happened within 24 hours before the token backed by one of the most popular NFT projects (BAYC) found its ground to establish a steady recovery.
Apecoin is operated by the Apecoin DAO, a decentralised organisation where each token holder voted on the governance of the project. According to the toke’s official Twitter page “the DAO is supported by Ape Foundation, which was created to act as the legal steward of ApeCoin and administer the decisions made by the ApeCoin DAO community.”
Technically, the $APE token seems to be recovering from the early crash suffered shortly after launching on various crypto exchanges.
Therefore, traders can target expected recovery gains at about $11.01, or higher at $11.71, while $10.14 and $9.56 are potential support levels.
Origin Protocol
The Origin Protocol is a blockchain scaling platform built on the Ethereum network to bring NFTs and DeFi to the masses.
Last Thursday, the platform announced via its Medium blog and Twitter that it was launching a series of generative NFT collections, beginning with the Lucky Ducky collection.
The $OGN price rallied more than 105% through Sunday in response to the announcement. However, it pulled back late on Sunday to trim the gains.
Technically, the Origin Protocol price seems to have pulled back creating an opportunity to buy the rebound.
Therefore, traders could target potential profits at about $0.77, or higher at $0.82, while$0.67 and $0.53 are potential support zones.
SuperRare (RARE/USD)
SuperRare once again makes our list in this week’s edition of the token boom report after spiking 115% late on Sunday.
The platform is currently running a vote for the next independent galleries to be featured on its NFT marketplace created for artists and run by artists through DAO.
The platform boasts about $90 million worth of digital art collected and over $3 million in artistic royalties paid.
Technically, the SuperRare $RARE token seems to have bounced back following Sunday’s later pullback.
Therefore, traders could target extended gains at about $0.82 and $0.99, while $0.66 and $0.47 are crucial support zones.
Stay up to date:
