Gaming and metaverse tokens jumped sharpy on Wednesday morning.
Decentraland, Sandbox, and Enjin were among the best performers.
This price action could benefit Metacade’s MCADE token.
Gaming-focused cryptocurrencies jumped in the past 24 hours as momentum in the industry returned. Decentraland’s MANA jumped by 11.5%, making it one of the best-performing crypto tokens. In the same period, Sandbox’s SAND soared by 7.40% while Enjin Coin’s ENJ rose by 7%. Metacade was not left behind as MCADE has risen by over 28% from the lowest level this month.
Gaming tokens jump
Gaming is one of the top industries that will be disrupted by the blockchain technology. Data by Grandview Research showed that the industry was valued at over $4.8 billion in 2022 and that it will have a compounded annual growth rate of 68.3% in the next few years.
The industry, which has been controlled by giant companies like Microsoft, Take-Two Interactive has been ripe for disruption for years. And blockchain technology makes this possible by ensuring that people can game easily and make money in a simple way.
Most of the existing gaming platforms using blockchain enable people to play games and then earn returns for their wins.
It is unclear why gaming tokens like Decentraland MANA, SAND, and Enjin jumped. A likely reason is that investors were simply buying the dip after the tokens dropped sharply in the past few weeks. At its lowest level this week, MANA was down by more than 37% from its highest point this month.
What is Metacade?
Metacade is one of the newest players in the decentralized gaming platform. The developers conducted a token sale earlier this year that raised over $16 million, making it one of the most successful token sales in the world this year.
Since then, the developers have made several milestones. For example, they have inked several exchange-listing deals that give millions of people access to the token. As with most tokens, MCADE was first listed in Uniswap, the biggest DEX in the world. It was then listed in key platforms like MEXC and BitMart and the developers hope to list it in other exchanges.
Metacade has also partnered with one of the biggest gaming and metaverse developers, who will build the game. Expectations is to launch the game in the next few months and also transition the ecosystem into a decentralized autonomous organization (DAO).
Is it safe to invest in Metacade?
Metacade, like other crypto tokens, is a relatively volatile and illiquid token, meaning that you need to be cautious when allocating funds in it. In the past, people who invested vast sums of money in one or two tokens have lost a lot of it. Therefore, I suggest that you do good risk management strategy and just allocate a small portion of your cash into it.
There are three main reasons to invest in Metacade. First, it is in an industry that is expected to grow rapidly in the next few years. Second, there are numerous bullish catalysts for the token, including exchange listings and game launch. Finally, MCADE has a favorable risk-reward proposition.
Metacade price prediction
The 4H chart shows that the MCADE price has made a strong recovery in the past few days. It has managed to pare back some of the losses it made earlier this week. The MACD has moved above the neutral point while the price has jumped above the 25-period moving average.
Therefore, there is a possibility that Meatacade will continue rising as buyers target the next psychological level at $0.30. A drop below the support at $0.018 will invalidate the bullish view.