As of 12:15pm ET., four of the biggest metaverse-related cryptocurrencies absolutely nosedived. The Sandbox (CRYPTO: SAND) and Enjin Coin (CRYPTO: ENJ) both led the way with declines of 17.1% over the past 24 hours. Axie Infinity (CRYPTO: AXS) and Decentraland (CRYPTO: MANA) followed suit, each declining 14.1% over the past 24 hours as well.
A number of high-flying growth sectors of the market are down today, as investors take an increasingly bearish view of the overall market. As with recent declines in past weeks, cryptocurrencies and high-growth equities are moving in the same direction. Investors across both high-growth markets appear to be growing concerned that rising interest rates and increasingly hawkish monetary policy will hurt capital flows into more speculative areas of the market. Accordingly, investors are in sell mode today, with most major cryptocurrencies now down double digits from a percentage standpoint.
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These 4 Metaverse Cryptocurrencies Plunged More Than 14% Today