Cryptocurrencies gather on Facebook’s ‘Meta’ rebrand

On Saturday, mana, a gaming cryptocurrency used to buy and sell virtual land, rose to a record high of $ 4.16, more than 400% above where it was rated earlier in the week. Its total market capitalization reached $ 7.52 billion. It has since fallen to around $ 2.99 per token as of Monday afternoon, with a total value of around $ 5.5 billion, according to CoinMarketCap.

The little-known crypto was established in 2017 as the national token for Decentraland, a virtual reality platform where users can buy and sell digital properties that they can navigate through and build on.

The spike in mana came just a few days later Facebook (FB) announced that it was transforming into Meta as part of its focus on developing metaverse, a not yet fully realized virtual reality ecosystem where users can interact with each other through avatars.

Metaverse is a general term for all kinds of virtual reality platforms and multi-player game worlds, such as the Oculus VR headset and Fortnight.

Facebook shifts its focus to the metaverse means “that there will probably be a lot of development time from kl. [Meta] to build a version of a metaverse where these tokens will find value, “Chris Kline, chief operating officer and co-founder of the Bitcoin IRA, told CNN Business.” So you see a collection of groups like mana. ”

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“This is good news for the crypto ecosystem because it is the mainstream understanding of another layer of ‘what is crypto,'” Kline added.

Bitcoin prices rose in October, reaching a record high of nearly $ 67,000 before falling at the end of the month. Some investors then turned their attention to shiba inu, a parody cryptocurrency inspired by dogecoin, another meme cryptocurrency that hit a record high valuation of about $ 26 billion.

The craze for lesser known, alternative cryptocurrencies is not limited to just shiba inu, dogecoin and mana. There is no shortage of other cryptocurrencies zooming to new records.

Sand, the symbol of The Sandbox, another virtual world that allows users to create, buy and sell digital assets, also rose over the weekend, reaching $ 2.38, an increase of almost 200%. Sand’s total market value topped $ 2.13 billion on Saturday. This is another sign that investors are interested in leveraging the metaverse economy.

“In my opinion, the Facebook message focused investors’ attention on the economic potential here,” Noelle Acheson, head of market insight at Genesis Trading, told CNN Business.

Technological developments over the past few years, including a focus on the meta-verse, combined with cultural shifts accelerated by the pandemic, have left investors eager to find the next bitcoin or ethereum, according to Acheson.

“Clearly, nothing is going to replace bitcoin or ethereum per se, but that kind of return [are what investors] looking for, “said Acheson.” In other words, we know bitcoin and ethereum have amazing returns, so let’s move a little further down the risk curve, risk being a relative term here, and go for some of these higher volatility but higher potential tokens. “


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