Why did XANA (XETA) drop over 14% in last one day?

Highlights

• The XANA crypto is primarily an Ethereum sidechain, which is customised for various metaverse projects.
• According to the research firm, its market is expected to reach US$824.53 billion by 2030. This represents a growth of a little over 39% CAGR from 2022 to 2030.
• The XETA token on Thursday was trading at US$0.114469 with a volume of US$2,63,11,911.

With the metaverse having some of the biggest names of the industry in its firm grips, other projects too are looking to make a mark in the space. According to a report by Market Research, the increased focus on integrating the digital and physical worlds coupled with the popularity of AR and VR will drive the metaverse market forward in the coming years.

According to the research firm, its market is expected to reach US$ 824.53 billion by 2030. This represents a growth of a little over 39% CAGR from 2022 to 2030.

One such crypto that is making sudden waves in the industry is the XANA (XETA) crypto, which has made an impact in just 24 hours. The XANA crypto is primarily an Ethereum sidechain, which is customised for various metaverse projects. As a popular wallet system, which is connected to all major blockchains, it has most leading technology partners, such as Unreal Engine, Amazon Web Services, etc., on board.

The EVM-based blockchain infrastructure and DApps platform for the Metaverse, despite its eye catchy features, has not been faring well in the market on 21 July as it was down by 14.23% at 5:30 AM, according to CoinMarketCap. The 2789-ranked crypto, however, witnessed an impressive rally of over 160% in the past 24 hours. 

Why is XANA crypto trailing?

Although the reason for XANA crypto’s fall today is still unclear, it may be suffering a side-on effect from the overall crypto market. The overall crypto market retouched the US$1 trillion mark earlier this week but was down by 3.62% at the time of drafting.

But XANA can take heart from the fact that more and more crypto aggregators are lining up to list them. On 20 July, the XETA was listed on OKX and ByBit platform, which will open doors for its users to trade in pairs of XETA/USDT, XETA/USDC spot trading, and BTC/USD, ETH/USD, and BTC/USDT, among others.

Besides, the protocol has also announced the launch of XANA Genesis NFT, a personalized AI partner to debut on 23 July with the launch of the VIP round from 3:00 UTC and the public sale on 24 July from 5:00 UTC.

How is XANA crypto faring?

The XETA token on Thursday was trading at US$0.114469 with a volume of US$2,63,11,911. The fully diluted market cap of XETA tokens stood at US$577,868,264, with a total supply of 125,000,000 XETA coins, according to CoinMarketCap.

While the drop would be a bummer, XANA making inroads in the metaverse space will be heartening for the project. The multi-exchange listings may boost the protocol going forward but the bearish crypto market may also act as a roadblock. Having said that, it’s important for the market participants to ensure that they do their market research to make sure that their investments don’t go in vain. 

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