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The Sandbox and Decentraland tokens more than doubled earlier this year, which was certainly welcome news for anyone who was buying assets at the bottom.
Of the two metaverse platforms where people can buy virtual land, Decentraland’s MANA token fared better, rising to around $0.80 from around $0.30 on Jan. 1, according to CoinGecko. This is still a far cry from MANA’s all-time high of $5.12, which the token reached during its bull run at the end of 2021.
As for the SAND token from The Sandbox, according to CoinGecko, its January high was $0.84, while the year started at $0.38. SAND also peaked at the end of 2021, breaking through the $7 resistance.
The current rise in prices is not a clear indicator that the crypto winter is over or that another bull run is in store for us. But, as with Bitcoin and Ethereum prices, which surged over 30% in January, this trend is certainly welcome news for the digital asset industry.
January prices and sales volumes of the MANA token from Decentraland.
The market has been very bullish lately, with large-cap assets such as Bitcoin and Ethereum leading the way,” said Stephen Zheng, an analyst at The Block Research.
Usually, when large assets lead the market for a long period of time, traders start looking for new scenarios to promote trading.
According to CoinGecko, trading volume for metaverse tokens has also shown significant growth. Daily trading volume of MANA hovered around $50 million during the first week of January, rising to $1.1 billion in the middle of the month. SAND volumes topped the $795 million mark, starting January at just $95 million.
Prices and sales volumes of the SAND token from The Sandbox in January.
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