The start of the week has taken crypto space aback with incredible gains of 2.94% marching towards a $3 trillion market cap. The market leaders Bitcoin and Ethereum achieved new ATH with 7.12% and 7.07% profits in 7 days. Especially, the Metaverse space has had a stroke of luck in the latest bull run, as it holds the vast contribution to the global crypto market cap.
As metaverse has been quickly gaining momentum, tokens built on Ethereum, Binance smart chain, Polygon, Solana, and Avalanche are having tight fights. Interestingly, the Binance ecosystem has been slowly moving ahead of Ethereum’s pace with the latest achievement of a $100 billion market cap. On the other hand, Polygon, Solana, and Avalanche networks have been working more on metaverse projects to claim the top 5 spots!
Notably, the majority of the Metaverse tokens built on Ethereum have been preparing to migrate towards Polygon citing the higher gas fees on the star altcoin’s blockchain. Post the Facebook rebranding to Meta, ERC-20 tokens The Sandbox, Enjin coin, and Decentraland have taken a parabolic move to claim their new ATH. Polygon has been working silently to dethrone the star altcoin by inviting solid protocols to its bag.
Enegra Group Migrates to Polygon! The Sandbox to Leave Ethereum Next!
On 5th November 2021 Polygon ecosystem has officially confirmed the migration of Enegra group from Ethereum. With the latest migration, traders could take the benefit of faster transactions with competitive trading fees. The popular metaverse token The Sandbox on the other hand has been preparing to shift to Matic.
The Sandbox has surged by more than 500% over the past month. The core goal of the project has been to disrupt the existing game creators like Minecraft and Roblox by enabling developers with actual ownership via NFTs and rewarding them for their participation. In order to achieve the same, the platform would need to have a faster transaction speed with low gas fees. In order to accomplish its goal, it appears the platform is planning to migrate towards Polygon.
Yet Ethereum has left with solid protocols like MANA, Enjin coin, UFO gaming who have been working on unique metaverse projects to drag the traction of a majority of the user base.
Collectively, Ethereum’s price has been trading at crucial levels of $4,800, the instant breakout could uplift the price beyond $5000. It would be difficult for any other ecosystem to beat the altcoin leader. However, the Metaverse space seems to be in full swing, a report from the Santiment also highlights the rise of institutional interest towards it. Notably, CEEK, MONA, and SENSO have stood out as the top gainers over the past week.