Facebook is taking some cryptocurrencies to new heights with Meta rebranding
Facebook founder Mark Zuckerberg announced last week that his company is going through a rebranding process. The new corporate name was revealed as Meta, and many said it was an interesting choice.
Facebook New Heights with Meta in a boost to the metaverse
By going in that direction, Zuckerberg is giving a real boost to the so-called metaverse. The virtual universe was already on the rise, but Facebook is expected to take things to the next level.
The rebranding was necessary for a company that has faced years of negative headlines. In recent months, the scrutiny got worse when a whistleblower accused Zuckerberg’s brainchild of hurting children for profit.
Facebook was even described as a hotbed for misinformation. However, the calculus behind the change is also guided by a desire to be a leader in a field that is set to grow exponentially in the coming years.
At a Facebook Connect event Thursday, Zuckerberg described the metaverse as the next frontier in connecting people. While critics of the social media giant are dissecting all the things it did wrong in the past, its CEO is betting on the future.
The move already has unexpected consequences. While it was evident that this is a win for virtual reality, not many saw it as a huge plus for cryptocurrencies, especially those not well known.
Mana leads crypto surge after Facebook announcement
Facebook New Heights with Meta
Mana is a gaming cryptocurrency that allows people to buy and sell digital land. The token for Decentraland was having a solid year, but Facebook’s foray into the metaverse helped push its value even higher.
On Saturday, mana reached $4.16, which is a record for the token. This was a 400 percent increase compared to just a few days before.
By Tuesday afternoon, the token had fallen to $3.08. The total value is $5.1 billion. The rally is linked to a potential expansion of the metaverse as a result of Facebook’s rebranding.
For experts, with Facebook’s latest move, the crypto world is going mainstream. This opens a lot of different possibilities.
However, while promising, the metaverse still has a lot of work to gain broad support. The potential is there, but the execution will be essential to determine where all of this is going.
Facebook’s foray in metaverse pushes positive trend for less-known tokens
Facebook New Heights with Meta
After Bitcoin hit close to a record $67,000 in early October, it fell to $63,000 on Tuesday.
Interestingly, the rally pushed investors to become more interested in less popular tokens.
Investors are looking for new cryptocurrencies to focus their attention on. Facebook is expected to bring more fluidity to the market by allowing certain tokens to gain traction.
While mana has grabbed a lot of headlines recently, it is just part of a larger trend of investors venturing into the world of less-known cryptocurrencies.
Shiba Inu surged over 60,000,000% in the past twelve months. Inspired by dogecoin, the parody crypto now has a valuation of around $26 billion.
Virtual world The Sandbox saw its token, Sand, experience a 200 percent increase over the weekend.
Most observers say this might be just the beginning of a booming era for the crypto world as it gains more acceptance.
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