Three Altcoins to Explore | Metaverse’s Altcoins Still Rallied Last Week With SAND’s Price Pumps 101%.
Metaverse altcoins available on the KuCoin platform had another rally just as we introduced the best performing Metaverse altcoins including ENS and SAND last week. Also on the newsworthy side is the PEOPLE token, whose price pumped 200% as the new ‘We The People’ token is unveiled, and KuCoin holds a listing vote on twitter.
The market leaders like Bitcoin and Ethereum had mixed fortunes for the past week with Bitcoin dropping to a low of $53,569, while Ethereum was at a new dip of $3,933. All that seems to have changed this week as BTC has moved to $56,856 while Ethereum is at $4,296 so far. The seeming price slump has given way to a new price movement and optimism for the new week.
The general swing in the market is in favor of metaverse tokens and today, we review three altcoins SAND (SANDBOX), ENS (Ethereum Name Service) and PEOPLE (ConstitutionDAO).
Notice: KuCoin does not provide financial advice. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology.
The Sandbox is a budding project that focuses on the global market, and the games here are user-generated and decentralized. Any user can create a virtual universe and host a virtual store easily. The leading products found in the ecosystem are NFTs.
Sandbox market price has made a leap past the $7.10 mark from its low point in June this year, which is an appreciation of over 5,000 percent. SAND is now the 32nd most valuable crypto as its market cap surged beyond $6.9 billion.
The Sandbox has led the park for metaverse tokens this week although similar tokens such as My Neighbor Alice have also leapt by 650% since June 2021. In all honesty, the overall market demand for NFTs, gaming and metaverse tokens has pushed the performance of cryptocurrencies higher.
The news about the commencement of the Sandbox Alpha event on Monday 29 November 2021 is also thought to be a driver of the price rally. With the event kicking off, up to 5,000 players are expected to take home 1,000 SAND, which is on average about $7,000.
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ENS (Ethereum Name Service)
Ethereum Name Service was developed to issue NFTs that are representative of Ethereum addresses and related web domains. ENS is a distributed and agile naming system that is hosted on the Ethereum blockchain. ENS makes it possible for names like John, Toby, etc. to be machine-readable as Ethereum identifiers like hashes, wallet addresses and metadata. The app recently conducted an airdrop for the ENS tokens, which used the condition that for an Ethereum wallet to be eligible, it must have funded an NFT purchase before now.
Claimants of the airdrop were required to place their vote with respect to major articles of the ENS governance constitution. The talking points were that ENS ownership cannot be revoked by governance, giving governance the right to modify registration price when needed, and vesting control over grants programs to governance.
Eligible participants delegated the attached token voting power prior to getting their token allocation. The procedure began a few days ago and included some of the big names in the crypto ecosystem. Coinbase also announced its support as the delegate with the largest possible votes.
ENS market price was hovering around $75.16 as of the time of writing, and its market cap was $1.522 billion.
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ConstitutionDAO made the news when it announced its plan to raise funds in order to win a bid for the marked first copy of the US Constitution on print. The blitzkrieg looked set for fruition when the project was able to raise a total ETH worth $47 million within a week. A governance token named PEOPLE was sold at 1m for 1 ETH during the fund raise.
The project lost the momentum when Ken Griffin, the CEO of Citadel LLC, a hedge fund manager outbid the project for the prized possession. This was how things turned awry for ConstitutionDAO. The response of the project admins was quick after losing the bid as they opted to launch a new token now named “We the People” (WTP). In the view of the project's arrowheads, having lost the bid for the copy of the constitution, it was only fair that it wrapped up the project immediately.
As last week ended, ConstitutionDAO had $49.8 million that was unspent, and the organizers opted for the most transparent pathway of conducting a refund to all participants using the percentage of tokens bought to distribute the refunds.
An alternate option to take up “We the People” tokens in place of PEOPLE has been offered to participants as well. PEOPLE's price did a 200 percent leap within 24 hours as of Friday, 29 November. The hint behind the rally might be that holders of PEOPLE are looking to swap it for WTP tokens when it finally gets unveiled.
In analyzing cryptocurrencies market performance, the twin factors to consider are the ruling price and the likelihood of price changes. In this respect, technical factors matter as much as fundamental factors, which are both related, although they have separate considerations.
The rise of metaverse tokens is another cycle in the development of cryptocurrency markets globally. As new projects arise and consolidation happens, it is expected that market capitalization for leading tokens will soar, deepening the market. There appears to be some promise in crypto markets in the days ahead with a global adoption looking more likely than ever.
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