MANA, SAND, Enjin, and AXS tokens are experiencing a surge in price.

  • On Monday, most metaverse tokens experienced significant price increases while cryptocurrencies decreased.

  • This jump occurred before Apple’s WWDC event on Monday.

Metaverse tokens such as Decentraland MANA, Sandbox’s SAND, and Axie Infinity’s AXS were among the best-performing coins on Monday. Other metaverse tokens like Enjin Coin and ApeCoin also saw gains. Most of these coins rose by more than 1.5%, which is a better performance compared to other coins like Bitcoin and Ethereum.

Apple WWDC event

The main reason for the increase in metaverse tokens on Monday is Apple’s upcoming WWDC event. This is historically the biggest event in the tech calendar, as the company usually unveils its key upgrades.

Apple is seen as the benchmark for key products. It made key products like iPhones, Apple Watch, and iPads cool. Today, other companies in the technology industry have come up with similar products.

Analysts believe that the WWDC event will see the company unveil its virtual reality set, which is its first major product in a decade. The company has been working on this product for the past seven years. In this period, the company has long believed that its product was not ready yet. According to the WSJ, the device will retail at $3,000, making it one of the company’s most premium products.

Experts believe that Apple’s entry into the industry will take the virtual reality industry mainstream. In the past, attempts by companies like Facebook and Microsoft to take them mainstream have failed. Today, only a handful of people use these products.

Therefore, metaverse tokens like MANA, SAND, Enjin Coin, and AXS tokens have risen due to the ongoing hype. There is a belief that this hype could rival that of artificial intelligence.

Will the metaverse tokens rally continue?

Decentraland MANA price jumped by more than 6% while Sandbox and Axie Infinity price soared by more than 5%. Similarly, Enjin and ApeCoin rose by over 4%.

However, I believe that these gains will not hold because of a concept known as buying the rumor and selling the news. This is a situation where an asset price jumps ahead of a major news release and then declines when the news happens.

In this case, these tokens will retreat possibly because Apple’s device will not have anything to do with these tokens and their ecosystem.

How to buy Decentraland

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multitude of trading options that its users can benefit from, such as peer-to-peer trading, margin trading, and spot trading.

Buy MANA with Binance today

OKX

OKX is a top cryptocurrency exchange that offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously; they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees, and customers can even use their crypto as collateral for loans on the platform.

Buy MANA with OKX today Disclaimer

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