Kraken Reports The Sandbox, Decentraland, and Other Metaverse Tokens Outperforming Market Year-Over-Year

Kraken, one of the most significant crypto exchanges, recently highlighted that metaverse tokens are considerably outperforming the rest of the crypto market in year-over-year (YoY) returns. 

According to Kraken’s Intelligence’s recent May 2022 market recap and outlook, the crypto exchange discovers that coins like The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), STEPN (GMT), and ApeCoin (APE) are all surpassing the entire digital assets markets in terms of performance. 

It highlighted that when tracking the one-year performance, the Metaverse sector has considerably outperformed the market year-over-year (YoY) with a return of over 395%. This consists of assets like The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), STEPN (GMT), and ApeCoin (APE).

But apart from the fact that the metaverse tokens have been outperforming the rest of the market, they have also suffered significant losses on the market in the month of May. It signified that all the sectors reported negative performance in May. 

Layer 1, Metaverse, and Meme Coins sections have been on the top with the huge losses as they reported -43%, -42%, and -39% returns, respectively. 

At the same time, the crowned cryptocurrency Bitcoin (BTC) and Privacy coins have performed great on a relative basis, posting -17% and -19%, respectively. 

In Fact, Kraken also reported on whale activity last month to gauge market sentiment. According to the exchange, whales are wallets holding over 1,000 Bitcoin (BTC) or 10,000 Ethereum (ETH). Although May was an adventurous month for BTC whales, the ETH whales witnessed some unusual activities. 

Furthermore, it cited that it was a relatively quiet month for the BTC whale activity. The amount of Bitcoin (BTC) held by whales plunged a bit from 8.07 Million to 8.04 Million, and the number of Bitcoin whales reduced from 2,280 to 2,212. 

And that on Ethereum, the changes in whale activity considerably surged on May 10th when the amount of ETH held by whales reached a high of 81.8 Million before falling quite sharply to month end at 81.6 Million. 

And like that, the number of ETH whales started off at 1,302, surged mid-month, and closed at 1,308, remaining highly unchanged from the month’s start. 

The Sandbox crypto (SAND) is currently exchanging hands at $0.8732 with a market cap of $1,087,325,851 and is down by approximately 3% in the last twenty-four hours. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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