元代幣是否捲土重來？

Metaverse曾經是數字生態系統中的下一個大創新，例如去階層[Mana]，Sandbox [Sand]和Axie Infinity [AXS]等項目。

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The metaverse was once touted as the next big thing in digital ecosystems, with projects like Decentraland [MANA], The Sandbox [SAND], and Axie Infinity [AXS] spearheading the initiative. However, hype around the metaverse has largely cooled over the last few years. In fact, the prices of major metaverse tokens suffered severe downturns, and investor interest dwindled.

元評估曾經被吹捧為數字生態系統中的下一個大事，分散的項目[Mana]，Sandbox [Sand]和Axie Infinity [AXS]率領主動性。但是，在過去的幾年中，近似值的炒作在很大程度上已經冷卻了。實際上，主要代幣的價格遭受了嚴重的下滑，投資者的興趣減少了。

Now, with signs of renewed engagement and price activity, the question is – Are metaverse tokens staging a comeback?

現在，有了重新參與和價格活動的跡象，問題是 - 元代幣是否捲土重來？

Examining the Cost Basis Distribution metric for MANA, SAND, and AXS provides a snapshot of investor behavior. The charts from Glassnode displayed significant supply clusters at higher price levels, with a clear price-action downtrend since early 2025. A major area of concern is the persistent overhead supply, which may indicate that many holders are still in the red.

檢查法力，沙子和斧頭的成本基礎分配度量標準提供了投資者行為的快照。玻璃節的圖表顯示出較高的價格水平的供應簇，自2025年初以來，價格降低了明顯的下降趨勢。主要關注的主要領域是持續的間接費用供應，這可能表明許多持有人仍然處於紅色狀態。

Source: Glassnode

來源：玻璃節

Source: Glassnode

來源：玻璃節

Source: Glassnode

來源：玻璃節

These charts suggest that metaverse tokens are yet to breakout of their prolonged decline. Despite small signs of buying activity at lower price levels, supply pressure remains high.

這些圖表表明，元代幣尚未突破其長期下降。儘管以較低的價格購買活動的跡像很小，但供應壓力仍然很高。

This could mean that any short-term price surges may face strong sell pressure from holders looking to break even.

這可能意味著任何短期價格飆升都可能面臨希望打破甚至打破的持有人的巨大賣出壓力。

Additionally, on-chain activity does not indicate a major influx of new users. A true metaverse resurgence would require both institutional interest and broader adoption of metaverse-related platforms – factors that are still lacking.

此外，鏈活動並不表示新用戶的大量湧入。真正的元元復活將需要機構的興趣和更廣泛的元相關平台採用 - 仍然缺乏的因素。

For metaverse tokens to regain momentum, several conditions must be met, including:

為了使元代幣恢復動量，必須滿足幾種條件，包括：

As it stands, metaverse tokens are attempting to stabilize. However, their recovery is far from guaranteed. While the charts hint at accumulation at lower levels, a meaningful breakout is yet to occur.

就目前而言，元代幣正在嘗試穩定。但是，他們的恢復遠非保證。儘管圖表暗示在較低級別的積累中，但仍未發生有意義的突破。

Hence, investors should remain cautious and monitor key resistance zones before expecting a full-fledged metaverse resurgence.

因此，投資者應保持謹慎，並在預期成熟的元元重新恢復之前監控關鍵阻力區域。