Smart crypto investors are rushing to abandon long-term holdings of major cryptocurrencies after some negative news appears in November 2022.
This shift in sentiment led to a 20% pullback for FTX Token (FTT) and Solana (SOL), which have been linked to FTX and Alameda Research in the past. However, one project that continues to thrive in suboptimal market conditions is Metacade.
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Metacad is an up-and-coming metaverse that directly supports the expansion of Web3 and is expected to do some major long-term gains.
Bearish News Causes Major Token Crashes
Crypto season 2022 has resulted in some top tokens. After a brief price rally, some negative news has sent SOL and FTT tumbling down the charts. In a few hours, SOL and FTT fell by almost 20%, and the reason why many investors are afraid.
FTX Facing Insolvency
Binance CEO, Chao Zhengpeng, confirmed on Twitter that Exchange Binance to sell more than $3bn worth of FTT. This figure adds up to 100% of the total token holdings. Since FTT is the original token for the FTX exchange, this news has confirmed that FTX is now bankrupt.
FTX is one of the largest centralized exchanges in the crypto field. The news that they went bankrupt 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 permeated the market and taken a hit in some of the top tokens.
Solana suffered
Solana is a decentralized, 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 is marketed as a potential ETH killer during the 2021 bull market.
FTX and Alameda Research are the main supporters of the Solana ecosystem and have a significant amount of SOL tokens on their balance sheets. The news that the two companies are now bankrupt has caused the SOL token to almost immediately lose 17% of its total value, as investors expect a major sale for SOL.
Crypto Market Recovery? Not Just Yet
After the recent price rally, it looks like a large part of the crypto market is struggling to pick up steam. Bitcoin and altcoins each had major breakthroughs in early November, before reversing on bearish news.
For Bitcoin, what appears to be a recent breakout could be a fakeout. However, crypto investors will be happy to know that capital is still heavily invested elsewhere, as metaverse-based projects like Metacade are enjoying huge gains despite bear market news.
What is Metacade?
The Future of Gaming
Play-to-Earn title takes over the entire gaming industry, as more and more gamers are attracted by key features. Enabled by a fully functional in-game economy, blockchain-based games can offer something legacy titles lack: you can earn real income while playing your favorite games and competing online.
One such project is Metacade. It offers a variety of arcade-style P2E games, giving GameFi fans the chance to earn unlimited crypto. In addition, there are some key features that make the project stand out from the crowd.
Metacade Helps Create Blockchain Games
Metacade plans to support the next wave of blockchain innovation directly. The project will provide funding to developers to build new Play-to-Earn games and provide these new titles with access to a community of players ready to try them out.
For developers, this kind of service is invaluable. Metacad position itself as a key player in the world of blockchain games, 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 several decentralized metaverse worlds and the excitement around this immersive gaming experience is reflected in the hype surrounding the Metacade presale event.
MCADE tokens have achieved a different level of success than FTT and SOL in recent times. In fact, new metaverse projects continue to attract major capital investment while others continue to falter.
It looks like investors may be opting out of FTT and into Metacade, as the widespread popularity of the Play-to-Earn game remains strong in the face of bearish news. This is a good indicator of how successful the Metacade project will be in the long run.
Conclusion: MCADE doubles as major tokens struggle
Recent bearish news has seen a shift in sentiment for some major players in the crypto world. However, this has almost no effect on the benefits projected for new projects like Metacade. MCADE’s strong potential and signs of longevity are positive long-term indicators as investors struggle to participate in the presale.
The future of GameFi and the metaverse looks promising. With many 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 next crypto market recovery and bull run.
With the next Bitcoin halving event right around the corner, opportunities such as presale MCADE can only produce the next wave of crypto millionaires. The token launched at $0.008 but will rise to $0.02 in the final stages of the presale. So, it’s time to strike while the iron is hot.
You can take part in MCADE presale here.
