Quick take:
- Shiba Inu launched its metaverse backed by the Doge Killer $LEASH token, which alongside SHIB rallied more than 50%.
- Theta Network teamed up with Fremantle to commemorate CBS’ The Price Is Right Game with an NFT Drop, rallying more than 20%.
- Smooth Love Potion token rocketed more than 200% to extend the previous week’s gains.
The metaverse and NFT tokens seem to have eased off in recent trading sessions after rocketing earlier in the week. The industry is still as lucrative as it has been since it exploded in 2021, with more crypto and non-crypto companies launching new products.
In this edition of the weekly Token Boom report, we look at the three metaverse tokens that made significant gains before pulling back towards the end of the week. There are also some interesting NFT & Collectibles tokens, with some rallying over 200% before easing off gains towards the end.
The metaverse again continued to dominate headlines. In the previous week, it rallied to a market cap of $31.5 billion before pulling back to the current market capitalisation of about $27.5 billion.
Shiba Inu, Doge Killer, Theta Network and MetaHero boosted the metaverse valuation earlier in the week before pulling back towards the end to trim gains.
Some of the biggest players like Axi Infinity (AXS), Decentraland (MANA), and The Sandbox (SAND), trimmed the previous week’s gains, contributing to the 12.7% decline in the market valuation.
Nonetheless, there were notable positives to pick from a relatively bearish week in crypto.
Shiba Inu (SHIB/USD) unleashed the Doge Killer $LEASH token to the metaverse
The Shiba Inu ecosystem has grown to become one of the most popular networks in the crypto market. The world’s most popular meme coin has amassed a market cap of more than $16 billion, just about $3 billion off Dogecoin’s $DOGE $19.1 billion.
However, with the launch of the Shiberse Metaverse backed by the Doge Killer $LEASH token, SHIB has now set a foundation to become the largest meme token by market capitalisation.
Moreover, the launch of its metaverse platform makes it more than just a Meme token, a feature that could attract more crypto traders to its expanding ecosystem.
Technically, SHIB seems to be trading just below the 100-hour moving average after a recent pullback. The token spiked more than 55% earlier in the week before easing off to trim gains.
Traders can target extended gains at about $0.000031, or higher at $0.000033, while $0.000028 is a crucial support zone.
Theta Network (THETA/USD)
Theta Network spiked nearly 30% between Thursday and Friday before trimming nearly 100% of the gains during the weekend. The decentralised video streaming ecosystem has built an infrastructure that will support metaverse based video content.
Its partnership with Fremantle in an NFT drop commemorating the 50th season of CBS’s The Price Is Right adds to a growing portfolio of collaborations.
Theta Network is both an NFT marketplace for video content whilst also acting as a peer-to-peer bandwidth and computing resources platform.
Technically, $THETA seems to be trading within a descending channel formation, falling below the 100-hour moving average.
It recently bounced off the trendline support to create a buying opportunity. Traders can target profits at about $3.66 and $3.81, while $3.45 and $3.33 are support levels.
MetaHero (HERO/USDT)
MetaHero $HERO’s had a delayed spike compared to the other metaverse tokens. The token rallied more than 65% between Friday and Sunday before easing on Monday morning to trim gains.
$HERO is the utility token of ultra-realistic 3D technology used to create avatars and 3D virtual objects used in gaming and other metaverse projects.
Technically, the $HERO token seems to be trading within a sharply descending channel formation in the 60-min chart. It recently attempted a rebound before fining strong trendline resistance.
Therefore, traders can target extended pullbacks at about $0.069 and $0.065, while $0.077 and $0.083 are resistance zones.
NFTs & Collectibles Tokens Trimmed 12% in Market Value
Although marketplaces continued to list new collections, this did not prevent the market value from falling by 12%. The segment now has a market cap of about $42 billion down from $47.8 billion in the previous week.
Even those that spiked earlier in the week like The Flow, ended up erasing the gains by the end of the week.
Nonetheless, Smooth Love Potion and SuperRare were rare exceptions, ending the week with gains.
The Flow (FLOW/USDT)
The Flow $FLOW token rocketed 50% earlier in the week after receiving a license from Beijing authorities for its Winter Olympics themed game nWayPlay.
The game was officially unveiled on iOS and Android marketplaces spiking a significant surge in the $FLOW price.
The Flow is a blockchain ecosystem for developer apps, games NFTs, and other digital assets that power blockchain gaming.
Technically, the $FLOW token seems to be trading within a descending channel formation after peaking in mid-week. It recently found support around $6.27, creating profit opportunities at $7.11 and $7.49.
Smooth Love Potion (SLP/USD)
The Smooth Love Potion is an ERC-20 token used to breed new digital pets known as Axies in the Axie Infinity game. It was created to replace experience points.
The cost of breeding starts at 100 SLP, before rising to $200 SLP, 300 SLP, 500 SLP, 800 SLP, and 1,300 SLP, for the different breeds from the first to the sixth, respectively.
Technically, the $SLP token seems to have eased in recent trading sessions to trim gains of the last two weeks. The token gained 226% earlier in the week to peak at about $0.040, before dropping to the current level of $0.029.
Technically, investors could target rebounds at about $0.033 and $0.038, while $0.027 and $0.024 are support levels.
SuperRare (RARE/USD)
Unlike other NFT and Collectibles tokens featured in the current edition of the Token Boom report, SuperRare remained flat throughout the week before spiking sharply over the weekend.
The $RARE token spiked nearly 60% over the weekend after launching its first quarterly curator program to showcase black and BIPOC voices.
However, it has since trimmed those gains falling from about $0.84 to trade at about $0.70 on Monday morning.
SuperRare is a premium NFT marketplace that features mainly digital art collections. The ecosystem has adopted community-based ownership and governance using the $RARE token.
Technically, the $RARE token seems to be trading within a sharply descending channel formation in the 60-min chart. However, it appears to have found support at about $0.70, triggering a rebound.
Traders can target extended rebounds at about $0.77, or higher at $0.84, while $0.66 and $0.62 are support zones.
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