Axie Infinity’s rally may have sparked been by Facebook’s rebrand

Axie Infinity's rally may have sparked been by Facebook’s rebrand
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Facebook’s rebrand has caused some big changes in the market, among which a run-up of some metaverse tokens is the most important one. Some of the tokens that are for metaverse projects have experienced considerable attention and price jumps in the past few days.

Many people are looking for tokens that have potentials in this new world and can help them become rich faster. Axie Infinity, the leading blockchain game in the market, has shown some interesting patterns in this period, too. The latest analysis by Delphi Digital focuses on these matters.

After the announcement of Facebook’s rebrand to Meta, some of the most famous metaverse tokens experienced price jumps. According to the analysis by Delphi Digital, famous tokens like SAND and MANA have had price jumps while others like ENJ, AURY, YGG, and AXS were somehow moving sideways in the past days. But some experts believe the price jumps may happen to these tokens, too.

Axie Infinity is one of the most successful blockchain games focusing on a metaverse-like experience. The native token of the game, AXS, had a very good time in the past weeks experiencing whopping price rises. Another token in the game is named Smooth Love Potion (SLP) that serves as the monetization goal for gamers.

The number of minted SLPs somehow shows how many players are on the platform. This metric has been rising in the past weeks. Besides, players sell their SLPs for fiat or other currencies to earn from their gaming time. It increases the number of burned tokens. This metric has been increasing, too. But the number of burned tokens is still very fewer than minted ones.

The latest analysis by Delphi Digital isn’t limited to metaverse and gaming tokens. One of the main topics talks about the health of the market by analyzing the funding rates. According to the article:

“Compared to last week’s extravaganza, funding rates have fallen in the last few days. But the market sentiment is still very much a bull-dominated one. The above chart is the average funding rate per day to be paid every 8 hours (multiply by 3 for daily average funding).”

This part of the analysis shows that the market is still healthy. The average funding a trader pays is still positive regardless of the negative drifting we saw in this metric in the past few days.

After all, it seems the latest rebrand of the tech giant has a considerable effect on the blockchain market. It shows the technology and its various products are becoming interesting for more businesses, and we can expect investors in similar projects to find good earnings in the coming days.

If you found this article interesting, here you can find more Blockchain and cryptocurrency news


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