元代币是否卷土重来？

Metaverse曾经是数字生态系统中的下一个大创新，例如去阶层[Mana]，Sandbox [Sand]和Axie Infinity [AXS]等项目。

output:

输出：

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.

元评估曾经被吹捧为数字生态系统中的下一个大事，分散的项目[Mana]，Sandbox [Sand]和Axie Infinity [AXS]率领主动性。但是，在过去的几年中，近似值的炒作在很大程度上已经冷却了。实际上，主要代币的价格遭受了严重的下滑，投资者的兴趣减少了。

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

现在，有了重新参与和价格活动的迹象，问题是 - 元代币是否卷土重来？

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.

检查法力，沙子和斧头的成本基础分配度量标准提供了投资者行为的快照。玻璃节的图表显示出较高的价格水平的供应簇，自2025年初以来，价格降低了明显的下降趋势。主要关注的主要领域是持续的间接费用供应，这可能表明许多持有人仍然处于红色状态。

Source: Glassnode

来源：玻璃节

Source: Glassnode

来源：玻璃节

Source: Glassnode

来源：玻璃节

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.

这些图表表明，元代币尚未突破其长期下降。尽管以较低的价格购买活动的迹象很小，但供应压力仍然很高。

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

这可能意味着任何短期价格飙升都可能面临希望打破甚至打破的持有人的巨大卖出压力。

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，链活动并不表示新用户的大量涌入。真正的元元复活将需要机构的兴趣和更广泛的元相关平台采用 - 仍然缺乏的因素。

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

为了使元代币恢复动量，必须满足几种条件，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，元代币正在尝试稳定。但是，他们的恢复远非保证。尽管图表暗示在较低级别的积累中，但仍未发生有意义的突破。

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

因此，投资者应保持谨慎，并在预期成熟的元元重新恢复之前监控关键阻力区域。