Savvy crypto investors were quick to abandon their long-term holdings of major cryptocurrencies after some negative news came to light in November 2022.
This sentiment shift saw a 20% drawdown for FTX Token (FTT) and Solana (SOL), which has had close ties to FTX and Alameda Research in the past. However, one project that continues to flourish in suboptimal market conditions is Metacade.
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Metacade is an up-and-coming metaverse that directly supports the expansion of Web3 and it is expected to do some major gains long-term.
Bearish News Makes Major Tokens Crash
The 2022 crypto winter has taken its toll on a number of top tokens. After a brief price rally, some negative news came to light that has sent SOL and FTT tumbling back down the charts. In a matter of hours, both SOL and FTT crashed by almost 20%, and the reason why has left many investors fearful.
FTX Facing Insolvency
CEO of Binance, Chao Zhengpeng, confirmed on Twitter that Binance exchange will be selling over $3bn worth of FTT. That figure adds up to 100% of their total token holdings. Since FTT is the native token for the FTX exchange, this news has all but confirmed that FTX is now insolvent.
FTX is one of the biggest centralised exchanges in the crypto sphere. The news that they are insolvent has spread like wildfire and the exchange has suffered a mass exodus as a result. With FTX being a major market player, bearish sentiment has cascaded through the markets and taken a hit on a number of top tokens.
Solana Suffers
Solana is a decentralised, open-source blockchain that supports dApp development. It is fast and cheap when compared with competitors such as Ethereum. The network has near-instant finality and low transaction fees, and was marketed as a potential ETH-killer during the 2021 bull market.
FTX and Alameda Research were major backers of the Solana ecosystem and held a significant number of SOL tokens on their balance sheets. The news that both companies are now insolvent has caused the SOL token to almost instantly lose 17% of its total value, as investors anticipated a major sell-off for SOL.
Crypto Market Recovery? Not Just Yet
After the recent price rally, it looks as though huge sections of the crypto market are struggling to pick up steam. Bitcoin and altcoins each had major breakthroughs at the start of November, before reversing just as the bearish news came to light.
For Bitcoin, it looks as though its recent breakout may turn out to be a fakeout. However, crypto investors will be glad to know that capital is still being heavily invested elsewhere in the space, as metaverse-based projects like Metacade are enjoying major gains despite the news of a bear market.
What is Metacade?
The Future of Gaming
Play-to-Earn titles are taking over the entire gaming industry, as more and more gamers are being attracted by a key feature. Enabled by fully-functioning in-game economies, blockchain-based games are able to offer something that no legacy title can: you can earn a real income while playing your favourite games and competing online.
One such project is Metacade. It offers a range of arcade-style P2E games, giving GameFi enthusiasts endless crypto-earning opportunities. As well as this, there are a number of key features that really make the project stand out among the crowd.
Metacade is Helping to Build Blockchain Games
Metacade plans to support the next wave of blockchain innovation directly. The project will provide developers with funding to build brand-new Play-to-Earn games and provide these new titles with access to a community of players that are ready to test them out.
For developers, this kind of service is invaluable. Metacade is positioning itself as a key player in the world of blockchain gaming, which has led many investors to buy MCADE tokens during its presale event.
Why are people so bullish on Metacade?
Crypto investors remain bullish on the long-term future of the industry. Blockchain technology is being used to build a number of decentralised metaverse worlds and the excitement surrounding these immersive gaming experiences is being reflected in the hype surrounding the Metacade presale event.
The MCADE token has enjoyed a completely different level of success to FTT and SOL in recent times. In fact, the brand-new metaverse project keeps attracting major capital investment while others continue to falter.
It seems as though investors may be opting out of FTT and into Metacade, as the widespread popularity of Play-to-Earn gaming remains strong in the face of bearish news. This is a great indicator of just how successful the Metacade project can be in the long term.
Conclusion: MCADE doubles in value while major tokens struggle
The recent bearish news saw a shift in sentiment for some major players in the world of crypto. However, this had almost no impact on the gains projected for new projects like Metacade. MCADE’s strong potential and signs of longevity are positive long-term indicators as investors scramble to get involved in the presale.
The future of GameFi and the metaverse looks promising. With so many ground-breaking features and strong signs that the project will be popular among Web3 enthusiasts, Metacade could be a prime buying opportunity for investors as they prepare for the coming crypto market recovery and the next bull run.
With the next Bitcoin halving event right around the corner, opportunities such as the MCADE presale may just produce the next wave of crypto millionaires. The token is launching at $0.008 but will be increasing to $0.02 at later stages of the presale. So, it’s time to strike while the iron is hot.
You can take part in the MCADE presale here.
