Metaverse tokens such as Decentraland’s MANA, Sandbox’s SAND, and Axie Infinity’s AXS were amongst the leading coins on Monday. Other metaverse tokens like Enjin Coin and ApeCoin also experienced growth. The majority of these coins rose by more than 1.5%, outperforming other coins such as Bitcoin and Ethereum.
The primary reason why metaverse tokens jumped on Monday is the upcoming WWDC event by Apple. Apple is renowned for its key products like iPhones, Apple Watch, and iPads, leading other tech companies to produce similar products.
Analysts anticipate that Apple will reveal their virtual reality set at the WWDC event, which is their first major product in a decade. According to the WSJ, the device will retail at $3,000, making it one of the company’s most premium products.
Experts assume that Apple’s entrance into the industry will take the virtual reality industry mainstream. Previous attempts by companies such as Facebook and Microsoft to make them popular have failed.
Therefore, metaverse tokens like MANA, SAND, Enjin Coin, and AXS token have risen due to the ongoing hype. Some believe that the hype could be similar to that of artificial intelligence.
Decentraland’s MANA price increased by more than 6% while Sandbox and Axie Infinity’s prices soared by more than 5%. Similarly, Enjin and ApeCoin rose by over 4%.
However, it is likely that these gains will not hold due to the concept of buying the rumor and selling the news. This is a situation where an asset’s price jumps ahead of a major news release and then declines once the news is released.
In this situation, these tokens may retreat as Apple’s device will not have anything to do with their tokens or ecosystems.
If you are looking to buy Decentraland, Binance and Skilling are two of the best options. Binance is one of the largest cryptocurrency exchanges in the world and is better suited to more experienced investors, offering a range of trading options with low fees. Skilling is a Scandinavian based cryptocurrency broker with a desktop website and apps for iOS and Android devices. It supports over 50 cryptocurrencies and has a demo account to allow users to become familiar with the platform.
