Decentraland, Enjin Coin, and Fantom Decline on Crypto Metaverse Sell-off
Today, crypto investors woke up to yet another bout of selling among major tokens. Along with most of those, high-flying metaverse cryptocurrencies Decentraland (CRYPTO: MANA) and Enjin Coin (CRYPTO: ENJ) declined 3.6% and 4%, respectively, over the past 24 hours, as of 2:30 p.m. ET today. Fantom (CRYPTO: FTM), a platform that has seen increased interest as a potential metaverse ecosystem, has seen even steeper declines, falling 4.9% over the same time frame.
Decentraland and Enjin Coin are two crypto projects that investors generally consider to be leaders in the blockchain-based metaverse future. As of 9:30 a.m. ET, both tokens dipped dramatically, before recovering in similar fashion in late-morning and early afternoon trading.
Much of the recent decline among these high-flying cryptocurrencies has been attributed to a sentiment shift among growth investors in the crypto space. Whether it's simply profit-taking or risk aversion that's driving capital out of metaverse tokens and into other assets is unclear. However, momentum has not been favorable for either metaverse cryptocurrency of late.
Source Fool.com
