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Tuesday, September 26, 2023

Metaverse Token Rally: Ethereum and Solana explode

In the Metaverse hype, the prices on the crypto market are boiling and Solana is defying Ethereum. The market update.

Investors in the crypto market continue to respond with large investments to the news that Facebook (now Meta ) wants to bring the Metaverse into the mainstream. Smart contract networks like Ethereum or Solana, on whose blockchains the Metaverse applications can be built, are running like never before and are living out their rivalry in the market. But the metaverse doesn’t actually exist. At least not just one thing. Because wherever Facebook invests, the usual suspects, i.e. Microsoft , Google and Co. not be far. In short: Big Tech is mobilizing vigorously virtual competence these days and is advancing more and more aggressively into the still young field of VR and AR. What does this mean for the crypto market?

New record high

While the # 1 cryptocurrency, Bitcoin (BTC), scraped at its latest all-time high last night, it is trading at $ 62,890 at the time of writing. After Polkadot (DOT) recorded a new all-time high on yesterday, November 2nd due to the upcoming Parachain auctions and the probable “Go” for crowdloans, the coin is currently on a price increase of more or less 3 percent together with Cardano (ADA) Daily comparison. Ripple (XRP) shines this morning of November 3rd with a price increase of around 8 percent in the last 24 hours – at a current price of 1.19 US dollars.

The Memecoin troop behind Shiba Inu (SHIB) and Dogecoin (DOGE) posted a minus in the daily comparison. While SHIB recently wrote record numbers in terms of price increases, Shiba Inu lost almost 7 percent in the last 24 hours.

It was not until October 29 that the Ethereum (ETH) posted a new all-time high of 4,416 US dollars after the successful hard fork in the Ethereum network. Now Ethereum is making waves again with a new record high of around $ 4,634. But the DeFi top dog is not alone with its news. Smart contract competitor Solana can also record a new all-time high of around $ 230. This corresponds to a price increase of over 10 percent during the last 24 hours.

The total market capitalization of the crypto market amounts to around 2.9 trillion US dollars. With an increase of 3 percent from November 2, it scratched again at the 3 trillion US dollar mark.

Metaverse competition

Although it can only be guessed why Ethereum and Solana are currently on a high flight, the Metaverse is obvious. Ever since Meta got the Metaverse stone rolling for the mainstream by changing its name, the news on the subject has been increasing.

It was not until yesterday, November 2nd, that the Metaverse game “The Sandbox” announced that it had raised around 93 million US dollars in a current funding round. The game is based on the Ethereum blockchain and saw an increase of almost 240 percent with its SAND token. But Ethereum competitor Solana made his own headlines in the Metaverse-affine area as the official NFT partner of the 1st and 2nd Bundesliga. The network, often referred to as the “Ethereum killer”, only made headlines this morning when it became known that Solana Ethereum was hot on the heels of NFT sales.

We are perhaps closer to the metaverse than we think. The list of game tokens is getting longer and longer. It seems as if a lot is moving in the background – and various tokens are competing in the foreground to claim the space as a go-to blockchain solution in virtual space.

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