Top Metaverse Tokens for 2023 (by Market Cap)

WHAT IS THE METAVERSE, EXACTLY?

Metaverse. Nearly everybody has heard of this word from someplace or the other. It could be a sci-fi flick or it could be from the newspaper these days. Is it something real or is it just another popular video game? Everybody is talking about it, from pop stars to big-shot investment managers worldwide. But what is metaverse exactly?

Broadly speaking, it is a term that includes virtual reality, characterized by the presence of a virtual world that continues to exist even when you’re not actively playing the ‘game’ like Fortnite. It can also include augmented reality – something that combines the aspects of both digital and physical worlds – for example, this once-popular game called ‘Pokemon Go’.

Now, in the crypto sense of the word – it is a virtually created world that exists on a blockchain and works on the principles of a blockchain network. Hence it derived value from the fact that it adheres to those values and principles. These metaverse projects include Decentraland, The Sandbox, Axis Infinity, and the like. This article will explore the top metaverse tokens you should look out for in 2023.

ApeCoin (APE)

One of the biggest, most recent, and the most hyped metaverse tokens launched in 2022 – Apecoin and its native crypto token APE’s success was nothing short of a surprise. It has managed to maintain its billion-dollar market cap ever since its airdrop to MAYC & BAYC NFT holders back in April 2022. However, despite being one of the largest metaverse coins in this list according to market cap – it has been one of the poorest performers in terms of price

APE/USD | Source: TradingView

• APE price is currently in a descending triangle pattern on the charts and pretty much has been weak ever since its launch earlier in 2022, when it was airdropped to MAYC and BAYC NFT holders.
• APE price did see a massive 75% rally in the early weeks of 2023, when the whole crypto market saw a very enthusiastic recovery, led by none other than the king coin, Bitcoin.
• But since the beginning of February 2023, APE’s price has been on a strong downward trend, so much so that it has now formed a descending triangle pattern on the charts.
• APE price is barely hanging on to the last trendline support region between YTD lows and a long-term support line (marked in blue).
• It has also suffered a death cross of the 50-day and the 200-day exponential moving averages, which would bring about further downward pressure on the token in the near future.
• The immediate levels for APE to breach to gain back positive momentum would be between $4 to $4.5 – a zone would be tough to break. But if it is able to breach, it can assist in a recovery of sentiments on this token.

Additional Read: Apecoin Price Prediction

The Sandbox (SAND)

The Sandbox’s native metaverse token SAND price performance has been quite similar to that of MANA’s (more on that just a little later). SAND saw a major rally in the early days of 2023 but since then has retreated from those highs to trade around $0.5. It had managed to touch $0.95 levels earlier in 2023 but wasn’t able to hold on those gains, pretty much like the rest of the metaverse sector, and lost about 40% from those levels. Take a look at the snapshot below!

SAND/USD | Source: TradingView

• SAND price has been performing better than APE coin, which is the largest metaverse token by market capitalization. It saw a major 140% rally in the early days of 2023 but since then has retreated some 40% or so to trade around $0.5 currently.
• SAND price is on a downward trend in a very wide channel – and thus, is slightly on the weaker side too.
• From a purely technical point of view, SAND price has undergone the death cross of the 50 and 200-day exponential moving averages which would bring in a huge amount of selling pressure on this metaverse coin too.
• Additionally, its RSI levels had touched near 30 levels before recovering to 43, which is a fine, but on the bearish side of things for the most part.
• Overall, SAND is in a weak position, but definitely better off than the APE!

Read more: Sandbox Technical Analysis

Decentraland (MANA)

Decentraland’s MANA is one of the most well-recognized metaverse tokens in the crypto market for the last several years and rightfully so. It was one of the top metaverse tokens until Apecoin came along in early 2022. But in terms of pure price action, MANA is showing reasonably optimistic signals amid Apecoin’s poor price performance in 2023. Take a look below!

MANA/USD | Source: TradingView

• MANA price definitely is one of the better-performing metaverse tokens in the crypto market in 2023. In the early days of 2023, amid a major pullback rally – MANA price participated wholeheartedly to rally over 175% within a matter of a month.
• Since its highs near $0.8 – MANA price has been on a slight decline, but much less than most in this sector of the crypto market. Unlike APE, which has lost all it had gained during the early rally and then some, MANA price has only lost about 37% from its YTD highs and is currently trading at $0.5.
• Further, MANA price has even undergone the death cross of the 50 and 200-day exponential moving averages yet – which is another optimistic technical indication for the metaverse coin.
• With an RSI of just under 50, MANA is well positioned to rally as and when a overall broader market recovery sets in again!

Read more MANA Price Prediction

Axie Infinity (AXS)

Axie Infinity, one of the OGs of the metaverse space, and skyrocketed to popularity during the Covid-19 pandemic related lockdowns across the words – the metaverse gaming platform Axie Infinity saw a huge boost in terms of number. However, 2022 has been a pretty rough patch for this once-popular gaming token, and now with much strong competitors in the market, it is having a hard time holding its own.

AXS/USD | Source: TradingView

• AXS price has been one of the tokens that have faced the brunt of the bear market of 2022 and saw heavy losses across the table. The whole metaverse sector of the crypto market took a beating in 2022, but AXS was hit particularly badly.
• However, despite that, 2023 is turning out to be a far better year for this embattled metaverse coin, as AXS price gained a hefty 110% in the first three weeks of 2023.
• However, pretty much like all other tokens on this list, since that rally – AXS price too has lost a lot of the gains it had made in the early days. Currently, it is stuck within a descending triangle price pattern, which happens to be a bearish price structure according to technical analysis studies.
• But despite the fact that it is in a descending triangle pattern – what must be noted is that it isn’t at the bottom, but rather close to the upper resistance region of the triangle, and recently even attempted to breach it.
• Thus, in the near future if we see a resumption in the broader market optimism, AXS could be one of the better recovery candidates out of this list!

Read more on Axie Infinity Technical Analysis

Enjin Coin (ENJ)

Enjin coin is one of the smaller metaverse coins in terms of market cap as compared to the rest of the top metaverse tokens on this list. With a market cap of under $350 million, it is about a third of its nearest competitor on the list. However, what makes this coin attractive is its unique proposition and the problem it solves. Whereas other top metaverse coins are linked to just their parent metaverse projects, Enjin Coin can prove great value due to its affiliations with many networks. Take a look below!

SAND/USD | Source: TradingView

• ENJ price performance has been pretty similar to that of AXS’s as both these coins are stuck within a descending triangle pattern – after having seen a massive 130% rally in the first month and a half of 2023.
• However, ENJ price is slightly better placed in terms of price action as it has not yet suffered the death cross of the 50 and 200-day moving averages.
• ENJ price has also been able to sustain able its near-term support level of $0.33 and is well above its YTD lows of $0.25 – which also bodes well for the metaverse coin in case there is a bullish recovery in the near future.
• Additionally, its Relative Strength Index value is also better positioned to react positively if a pullback rally occurs in the overall crypto market.

Prices as on May 19, 2023.

Conclusion

Hence, in conclusion, we can safely say that all these metaverse tokens, despite having great potential in terms of growth of the ecosystem as a whole and as individual crypto projects too – are currently in a reasonably weaker position than other crypto categories. While this can seem to be an opportunity for some to buy cheap – the level of risk associated is also higher. Thus careful and methodical research into the project and individual risk analysis is of paramount important before putting your hard-earned money into these crypto projects.