ENJ - 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.
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Decentraland, Enjin Coin, and Fantom Decline on Crypto Metaverse Sell-off