Everyone is buzzing about the Metaverse. The technology is so important to the future and potentially groundbreaking that Facebook rebranded its parent company under the name Meta to represent the new focus in the category. Following that news, the value of Metaverse tokens exploded. Investors were left wishing they had bought in sooner.
Cryptocurrencies have since had a corrective phase, essentially pressing reset on the price trajectory of these promising assets. The time is now here to be greedy when others are fearful while also being cautious about the current market conditions. The best way to do that is to focus on margin trading these popular Metaverse tokens instead. Here’s how you can stay profitable and protect capital using PrimeXBT.
Recapping The Meta Reveal Melt Up
In late October 2021, Mark Zuckerberg announced his company’s new name: Meta. The name change from Facebook to Meta represented the company’s renewed efforts around the virtual reality experience known as the Metaverse.
The Metaverse is a digital world where users can interact with one another and with objects, own property, host events, and more. These worlds are often tied to a digital economy. The digital economy, governance, etc., are all achieved by using a native cryptocurrency token.
Decentraland And The Sandbox Blast Off On Incredible Rally
This created a massive wave of buying in Metaverse tokens. Decentraland (MANA) climbed by 300% in a single week following the news. From the June 2021 low to the high, MANA had a 1,500% rally. After a recent crypto bear market, MANA has dropped by 89% in value, making it both highly volatile and once again attractive at past lows.
The Sandbox (SAND) had an even more remarkable success story. In the same timeframe, MANA rose by 300%, The Sandbox saw three times that for 900%. From the June 1, 2021 low to the high, SAND pumped by 6,000%. The results are shocking, and after an 88% drawdown, the asset could be gearing up for another spike to the upside in the future.
Metaverse Tokens Present Another Profit Opportunity
Metaverse tokens and the related platforms still have the support of celebrities, developers, venture capital, and influencers behind them. For example, Snoop Dogg has launched a line of NFT avatars and owns property in the virtual reality Metaverse The Sandbox. The rapper’s involvement is part of what helped the coin achieve dramatic gains.
Although those gains were gone like a puff of smoke, Snoop Dogg remains involved, and the project still is filled with potential. However, risk still remains in the market, which could make these tokens highly volatile for a while longer. But that’s why margin trading today’s hottest Metaverse tokens is the best approach to take.
Metaverse Token Margin Trading At PrimeXBT
Using leverage, traders can go long at current prices and, if they ever reach such highs again, would make an absolute fortune – much like the investors who profited on the way up the first time. On the way back down, traders using PrimeXBT can go short and profit from the downside in crypto. Combined, long and short positions give traders more flexibility over the market.
Stop-loss, take profit orders, and leverage allows traders to condense risk, use less capital to get more results and manage risk while they are at it. PrimeXBT offers exposure to both MANA and SAND, as well as a massive list of more than 40 different cryptocurrencies and 100 trading instruments in total across forex, crypto, commodities, and stock indices.
PrimeXBT also lets traders connect with Covesting copy trading or yield accounts for passive investing opportunities. To get in on the action going on with Metaverse tokens, you need PrimeXBT’s advanced margin trading tools. Check it out today.