ENJ - Why Metaverse Cryptos Axie Infinity Decentraland and Enjin Coin Plunged 20%+ Today
Top metaverse cryptocurrencies Axie Infinity (CRYPTO: AXS) , Decentraland (CRYPTO: MANA) , and Enjin Coin (CRYPTO: ENJ) were once among the hottest tokens in the crypto world. Today, that positive momentum has run straight into a brick wall, with each of these tokens plunging more than 20%. As of 10:15 a.m. ET, these three tokens lost 20.8%, 20.1%, and 21.1%, respectively.
This sell-off is a continuation of what we saw unfold on Friday. Most metaverse-themed cryptocurrencies declined by more than 10%. However, an acceleration of these declines into the weekend is never a good thing.
The market appears to continue to be pricing in a bearish near-term outlook. Rising interest rates, inflation concerns, central bank digital currency issues rank among the top negative catalysts.
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Why Metaverse Cryptos Axie Infinity, Decentraland, and Enjin Coin Plunged 20%+ Today