According to reports circulating in the cryptocurrency markets, a list of 6 metaverse coins recommended for purchase in January 2023 has been announced.
6 metaverse coins to buy based on data
Metaverse projects have gained significant traction for offering users immersive experiences in digital environments. These projects, spanning from decentralized digital worlds to tokenized assets, are reshaping the interaction between programmers and users in virtual spaces.
With January on the horizon, Finbold has carried out a comprehensive analysis of the six most significant metaverse-related cryptocurrencies, ranked by market cap on CoinMarketCap. At Metaverseplanet.net, we have curated these 6 metaverse coins for your consideration.
NOTE: Not investment advice
ApeCoin (APE)
ApeCoin (APE) is currently positioned at 30th in market value, with a cap of $1.296 billion. Trading at $3.59, APE has seen a 2% increase over the past week. As of December 22, it also made its way into the top 10 list of most purchased assets among the largest Ethereum whales.
Notably, in early December, ApeCoin launched its much-anticipated staking program, encompassing over 57.5 million APE shares valued at $247 million. In March, holders of two major NFT collections from the Web3 collective, Bored Ape Yacht Club and Mutant Ape Yacht Club, were beneficiaries of an airdrop. These tokens, now serving as the local currency in the Yuga Labs ecosystem, marked a significant milestone for ApeCoin.
Internet Computer (ICP)
Internet Computer is a blockchain platform designed for developing web applications and decentralized applications (dApps). Garnering considerable attention upon its launch, it has attracted many developers eager to build dApps on its framework.
The platform’s native token, ICP, currently trades at $3.88 and serves as the primary utility and governance token for the Internet Computer blockchain. It has various applications within the Internet Computer ecosystem.
Theta Network (THETA)
Theta Network (THETA) is a well-recognized cryptocurrency project exploring the challenges associated with the metaverse. Developed as a blockchain network specifically for video streaming, Theta Network’s goal is to revolutionize the video streaming industry.
It aims to offer customer-centric services in areas like education, esports, and movies, focusing on providing these services at a lower cost, with superior content, and through a more equitable business model.
Axie Infinity (AXS)
Axie Infinity stands as one of the most renowned NFT metaverse games, reaching over a million active players at its height in 2021. This player versus player (PvP) game was developed in 2018 by Sky Mavis, a Vietnamese company with a strong focus on technology and gaming.
The in-game tokens are known as Axie Infinity Shards (AXS), primarily used for governance and staking within the game. AXS holders have the capability to buy, sell, and trade the asset. They can also stake their AXS for weekly rewards, contributing to their overall profit. At present, AXS is trading at around $6.80 and is ranked 50th in terms of market capitalization, valued at approximately $680 million.
The Sandbox (SAND)
The Sandbox (SAND) blockchain is a play-to-earn crypto game, designed in a metaverse style and built atop the Ethereum blockchain, the foremost platform for smart contracts.
In The Sandbox, players can acquire virtual properties, which they can use to create, manage, or monetize gaming experiences. Essentially, it is a platform that empowers users to design their own games, engage with games created by others, and earn rewards in the form of tokens.
Additionally, The Sandbox boasts a vibrant NFT marketplace, where users can buy tools, NFTs, and even LAND for game creation. The project’s whitepaper mentions a limit of 166,464 individual LAND parcels, each represented as an NFT. Currently, the SAND token is trading at approximately $0.44, with a market capitalization of $661 million.
Gala (GALA)
The price action of GALA indicates the formation of a falling wedge pattern on the daily chart. This metaverse coin has been adhering to this pattern for the past seven years, and it should also adhere to its potential target.
Currently, GALA is trading at $0.017, representing a significant drop of 97.85% from its all-time high of $0.8367. Despite the ongoing uncertainty in the crypto market, the cryptocurrency’s price has been moving sideways while attempting to remain above the lower trendline of the pattern.
Furthermore, the relative strength index (RSI), which measures the recent price action’s magnitude, has entered oversold territory. However, with an RSI value of 24%, it indicates that selling activity has expanded excessively, and the altcoin is trading at a substantial discount.
Therefore, this suggests that buyers may soon step in to provide support and potentially drive prices higher. If there is an upward reversal from this support trendline, it could motivate buyers to break through the overall trendline. Ideally, this technical improvement could push GALA’s price up to $0.09.
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