NFT Token Outperforms Apex Coins

Uncertainty in the financial markets is slamming known commodities and apex tokens like Ethereum and Bitcoin. However, lesser-known tokens are taking advantage of these market conditions and improving their standing. For example, the Rarible token, the native token of the Rarible NFT exchange, is soaring over the past 24 hours. Rarible has gained nearly 27% in the past day, picking up about that much value against both Bitcoin and Ethereum. In the past week, Rarible has been up 30%, but it is still down more than 50% for the year. However, the token is performing much better than other tokens that lost value to begin 2022 and have not yet begun to regain any of it. Moreover, the exchange released the first episode of its series “The Glue Factory” in its headquarters in Decentraland, further capitalizing on the down markets and drawing the attention of would-be investors. At press time, Rarible was trading at $7.45, up over 8% on a rising market cap and a steep increase in volume.