According to CoinMarketCap statistics, the price of Zilliqa (ZIL), the token powering the namesake blockchain that hopes to compete with existing centralized payment systems such as Visa and MasterCard, fell 14% on Monday, reaching a monthly low of $0.097 by press time.
ZIL was trading for as much as $0.22 at the start of April, with the token soaring in response to the announcement of Metapolis, a Zilliqa-powered metaverse project. Unfortunately, this price appears to be overbought, having more than halved to $0.10 since then, thus wiping out all of its earlier gains.
A Quick Introduction to Metapolis
Metapolis is the first metaverse as a service (MaaS) platform built with Unreal Engine, Unity, and Nvidia Omniverse. Metapolis is set to debut on April 2, 2022, with a VIP event in Miami, Florida.
The hyper-realistic graphics of Metapolis and its ability to engage via gamification, e-commerce, and NFTs have already aroused interest. As a result, large creator-focused and esports-focused companies are joining the fray.
Last week, joining the Blockchain Gaming Alliance (BGA) boosted the token price to around $0.14, but the effect was temporary. ZIL is the 70th most valuable cryptocurrency, with almost $1.2 billion market value.
The Near token, which is used to power the NEAR protocol, has dropped to a nearly one-month low, losing more than 10% of its value in the previous 24 hours.
A Quick Introduction to NEAR Protocol
The NEAR Protocol is a layer-one blockchain designed to be a community-run cloud computing platform. It overcomes some of the problems that competing blockchains have had, such as transaction speeds, throughput, and compatibility. As a result, this provides an ideal environment for DApps and development and a user-friendly platform.
Recent Happenings of the Crypto Market
In other news, Harmony (ONE) is down 10.4 percent, Cosmos (ATOM) is down 9.3%, and Polkadot (DOT) is down 9.2% in the last 24 hours.
The rest of the crypto market is generally in the red on Monday.
Bitcoin (BTC) is down 3.15% on the day, having dropped below the $38,356 mark last reached in mid-March; Ethereum (ETH), the world’s second-largest cryptocurrency, is down over 5%, trading at $2,800, a six-week low.
