Top Metaverse Tokens for 2023 (by Market Cap)

WHAT IS THE METAVERSE, EXACTLY?

Metaverse. Nearly everybody has heard of this word from some place 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 across the world. But what is metaverse exactly?

Broadly speaking, it is a term that includes virtual reality, characterised 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 met averse projects include Decentraland, The Sandbox, Axis Infinity and the likes. This article will get deeper into the top metaverse tokens you should look out for in 2023.

 

Sr No.	Top Metaverse Tokens	About
1	APECOIN (APE)	Serves a multitude of purposes in the ecosystem created by Yuga Labs.
2	DECENTRALAND (MANA)	3D virtual world, browser based platform used to purchase virtual plots of land in the platform in the form of NFTs using its native token, MANA built on Ethereum Blockchain.
3	THE SANDBOX (SAND)	3D blockchain based to create, buy and sell in-game creations as NFTs.
4	AXIE INFINITY (AXS)	Most popular for its in-game economy which uses Ethereum-based (ERC-20) cryptos.
5	ENJIN COIN (ENJ)	Blockchain based games which are linked to the Enjin ecosystem.

ApeCoin (APE)

Apecoin’s native token APE, which is one of the top metaverse coins by market cap, despite its very late entry into the space has been nothing short of a surprise. However, recent price action wise, APE price has had a very weak month of August, as if evident from the chart below. It has fallen significantly all through the month, seeing one of the largest falls though the month amongst metaverse tokens. The beginning of November saw one of its steepest falls since the crash of May 2022 when the Terra LUNA collapse took place.

• 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.
• The crash of early November 2022 had pushed it down below the last support level on the chart but it quickly recovered from there and managed to even attempt a breakout of the descending triangle pattern.
• Currently trading at about $3.5 – it has a long way to go before it can see renewed bullish recovery – a minimum breakout over the $5 mark, which coincides with the 200 day moving average.
• Then, the $6-$8 region would present further act as a region of stiff resistance

Additional Read: Apecoin Price Prediction

Decentraland (MANA)

Decentraland’s performance, which was one of the top metaverse tokens, until Apecoin came along early in 2022 – has been more or less quite lacklustre. MANA’s price action over the past couple of months have been rather stagnant, trading very firmly within a narrow range of $0.8-$1.2. Ever since May, this has been the region that MANA price has been stuck within, as is depicted on the chart below. It was pretty much flat in that timeframe, which indicates there’s buying at the lower levels while heavy selling at the higher, which has resulted in a reasonably humdrum price action in this metaverse token.

But since the beginning of October 2022 – the token has been on a strong downward spiral and is forming a strong bearish formation with a lower high and lower low price pattern.

• MANA price has been badly hit in this recent round of the crash amid the bear market – thanks primarily due to the dramatic collapse of the FTX crypto exchange.
• Up until October 2022 – MANA price had managed to sustain itself in a broad trading range but since the beginning of that month, coupled with the FTX collapse-led crash of November – MANA price is down a staggering 91% since the beginning of the year.
• It is well below any and all meaningful levels of support and is even below the 50 and 200 day moving averages.
• The Relative Strength Index for the token is also at a very bearish situation running at about 28 as of writing.

Read more MANA Price Prediction

The Sandbox (SAND)

The Sandbox’s native metaverse token SAND price performance has been quite similar to that of MANA’s as explained above. This metaverse token’s price action has been trading within a range between $0.9-$1.45. It has attempted to break past the $1.4 level several times since May 2022 but hasn’t been able to. This indicates there’s heavy selling pressures on the upper price levels and a sell on highs strategy being adopted by traders.

But since the beginning of October 2022 – the price performance of this token has had a very strong resemblance to the MANA price just analysed above.

• As mentioned earlier – SAND price has been on a very similar trajectory to that of Decentraland’s native crypto token, MANA.
• Thus, similarly – SAND price is trading well below both the 50 and 200 day moving averages and is also on a strong downward trend (indicated by the yellow trendline).
• The Relative Strength Index is also around 29 and SAND price is at the lowest point of the year right now – down about 93% from the beginning of the year.

Read more: Sandbox Technical Analysis

Axie Infinity (AXS)

Pretty much in line with the above two described metaverse tokens, Axie Infinity too has been trading within a range (marked in grey). Axie Infinity was one of the top metaverse token at the height of the Covid-19 pandemic, when a large number of people lost their livelihood to the disruptions caused by the pandemic, they had to resort to this blockchain based game and its NFT & metaverse world. Thanks to good internet and digital penetration in the country, playing this game gave them a source of livelihood with which they could feed their families. It was then Axie Infinity had reached its peak in terms popularity but since then many more players have cropped up in the metaverse space – but it still remains very popular and thus features on the list of top metaverse tokens for 2023 you should know about.

• As mentioned earlier, Axie Infinity’s native token AXS is also trading within a range between $12-$20, where $20 could be hard to defeat.
• However, from the month of October, 2022 AXS price has suffered a major crash, facing severe selling pressures from all across the board.
• It did see a significant jump in the beginning of December 2022 but since then has lost all of what it had gained, strongly indicating that the upside remains weak in the ongoing bear market.
• It is also trading well below the 50 and 200 day moving averages and the crucial resistance zone (marked in gray).

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 $300 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 own parent metaverse projects, Enjin Coin can prove great value due to its affiliations with many networks.

• Enjin coin’s native crypto ENJ Price is currently trading well below all the crucial levels of support, which have technically become levels of resistance for the token’s price.
• While the value proposition for the coin still holds true, valuations and market cap have taken a bad hit in this round of the bear market rampage.
• Similar to all the coins mentioned on this list, this one too is trading below its 50 and 200 day moving averages.

Prices as on 20 December, 2022.

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 – but the fact of the matter remains the same that the bear market has hit these metaverse tokens the hardest and thus valuations are quite low and on the attractive side of the risk-to-reward scale. However, doing your own research is of utmost importance before putting your hard earned money in these assets.