Broader Crypto Market Fails To Recover As Metacade (MCADE) Continues To Rise In Presale | Invezz
Sophisticated crypto investors were quick to dump their long-term holdings in major cryptocurrencies after negative news emerged in November 2022.
This shift in sentiment resulted in a 20% decline for FTX Token (FTT) and Solana (SOL), which had strong ties to FTX and Alameda Research in the past. However, one project that continues to thrive in sub-optimal market conditions is Metacade.
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Metacade is a promising metaverse that directly supports the expansion of Web3 and should make major gains in the long run.
Bearish news crashes major tokens
The crypto winter of 2022 has taken its toll on a number of top tokens. After a brief price rally, negative news emerged that caused SOL and FTT to drop off the charts. Within hours, SOL and FTT crashed nearly 20%, and the reason for this left many investors worried.
FTX Facing Insolvency
Binance CEO Chao Zhengpeng confirmed on Twitter that Binance exchange will sell over $3 billion worth of FTT. This figure represents 100% of their total token holdings. Since FTT is the native token of the FTX exchange, this news has all but confirmed that FTX is now insolvent.
FTX is one of the largest centralized exchanges in the crypto sphere. News of their insolvency spread like wildfire and the exchange suffered a mass exodus as a result. With FTX being a major player in the market, the bearish sentiment spread through the markets and affected a number of top-tier tokens.
Solana is a decentralized and open-source blockchain that supports dApp development. It is fast and cheap compared to 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 the 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 caused the SOL token to almost instantly lose 17% of its total value, as investors anticipated a sell-off for SOL.
Crypto market recovery? Not yet
After the recent price rally, it looks like huge swaths of the crypto market are struggling to gain momentum. Bitcoin and altcoins each saw major breakthroughs in early November, before reversing just as the new bearish emerged.
For Bitcoin, it looks like its recent breakout may turn out to be a fake. However, crypto investors will be happy to know that capital is still heavily invested elsewhere in the space, as metaverse-based projects like Metacade enjoy strong gains despite news of a bear market.
What is the Metacade?
The future of gaming
Play to win titles are taking over the entire gaming industry as more gamers are drawn to a key feature. Enabled by fully functional game economies, blockchain-based games are able to offer something no legacy title can: you can earn real income while playing your favorite games and competing online .
One of these projects is Metacade. It offers a range of arcade-style P2E games, providing GameFi enthusiasts with endless crypto-earning opportunities. Besides that, there are a number of key features that really make the project stand out among the crowd.
Metacade Helps Build Blockchain Games
Metacade plans to directly support the next wave of blockchain innovation. The project will provide developers with funding to create brand new Play-to-Earn games and provide these new titles with access to a community of gamers willing to test them.
For developers, this type of service is invaluable. Metacade positions itself as a key player in the blockchain gaming world, which led many investors to buy MCADE tokens during its pre-sale event.
Why are people so bullish on Metacade?
Crypto investors remain optimistic about the industry’s long-term future. Blockchain technology is being used to create a number of decentralized metaverse worlds and the excitement surrounding these immersive gaming experiences is reflected in the hype surrounding the Metacade presale event.
The MCADE token has enjoyed a completely different level of success than FTT and SOL lately. In fact, the brand new metaverse project continues to attract major capital investment while others continue to falter.
It looks like investors are pulling out of FTT and Metacade as the widespread popularity of Play-to-Earn games remains strong in the face of bearish news. It is an excellent indicator of the success of the Metacade project in the long term.
Conclusion: MCADE Doubles in Value as Major Tokens Struggle
Recent bearish news has seen a shift in sentiment among some major players in the crypto world. However, this had almost no impact on expected earnings 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 pre-sale.
The future of GameFi and the Metaverse looks bright. With so many game-changing 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 upcoming crypto market rally and to the next bull run.
with the next Bitcoin Halving Event Just around the corner, opportunities such as the MCADE presale may well produce the next wave of crypto millionaires. The token is launched at $0.008 but will rise to $0.02 in later stages of the presale. So it’s time to strike while the iron is hot.
You can participate in the MCADE presale here.
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