Gaming and NFT-related cryptocurrencies, such as Decentraland (MANA), The Sandbox (SAND), Apecoin (APE), and Gala (GALA), have witnessed double-digit gains over the past week.
According to data from CoinGecko, the broader crypto market capitalization has surged 6.7% to $884 billion since the start of 2023. Bored Ape Yacht Club (BAYC) NFT trading volume soared 32.38%, as per data from Cryptoslam, to $18.061 million – topping the most-traded NFT list over the past week. Mutant Ape Yacht Club (MAYC) follows with 60.75% rise in trading volume to $13.310 million.
Metaverse game Decentraland’s MANA token has risen 29% to $0.40, enough to reverse its monthly losses. But MANA is still down 89%. The Sandbox’s native token SAND gained 26.5%. At the time of writing this article, SAND was trading at $0.50 after losing 2.20% in the last 24 hours.
Analysts attribute the price hike to surge in NFT trading volumes over the past week.