AXS, MANA and Metaverse tokens rise after renaming Facebook to Meta

Facebook’s decision this Thursday to rename Meta (following the plan to create metaverse with avatars) sparked a speculative price hike for cryptocurrencies among the project world.

Decentraland, a virtual venue with its own economy, currency (MANA), social events and accessible to anyone with a web browser, rose its market valuation in the past 24 hours from $ 1,500.44 billion to $ 2.08 billion in the Let the height soar. This increased the native token MANA by around 45% to USD 1.14.

Daily MANA / USDT Price Chart | Source: TradingView

At the best time of the day, MANA was trading at $ 1.48 on Friday, its highest level since May 18, 2021.

FOMO “Meta”

Merchants flocked to the Decentraland market after recognizing Facebook’s foray into the virtual world. The company’s CEO, Mark Zuckerberg called From now on, following the latest rebranding, they will prioritize “Metaverse first, not Facebook”.

COO and co-founder Emil Angervall of music technology startup Corite says Meta offers extremely affordable opportunities for the still-growing NFT space.

Calling it a highly liquid company, Andervail stressed that Meta will eventually partner with existing NFT projects in the field to help the entire crypto sector go mainstream. He added:

“We can expect unique NFT and Metaverse innovations that match Meta in the coming months.”

Axie Infinity, a play-to-earn pet training game and Pokemon-themed virtual world, also saw market valuation rise more than 10% from $ 7.74 billion to 8.9 in the past 24 hours Billion dollars.

Price table AXS / USD Daily | Source: TradingView

At the same time, Axie Infinity’s native AXS token also rose more than 20%, reaching $ 150 for the first time in 2 weeks. AXS serves as the legal currency on the Axie Marketplace, and players use it to purchase NFTs (digital pets) in-game.

Other Metaverse projects and their tokens, such as Sandbox (SAND), Illuvium (ILV) and Division Network (DVI), also grew, confirming the explosion of a particularly service-oriented digital asset pool.

Metaverse tokens and their performance over the past 1 and 24 hours. Source: Messari

Overall, the net market cap of Metaverse tokens rose 13.4% to $ 12.36 billion in 24 hours.

Mike Dickens of NFT Markets Blockasset.co added:

“The growth of these tokens is not surprising. Facebook’s new name alludes to the groundbreaking work NFT protocols have done over the past few years […] These factors also contributed to the increased sentiment surrounding the NFT token on Friday. “

Adjustment risk

Cryptocurrency payment network Mercuryo, co-founder and COO Greg Waisman advises merchants to wait for a correction in the Metaverse token price despite recent gains.

The operator says that “traders will make more profit as the market cools off from this massive bull run,” although Meta should lead the sector to higher valuations overall over the coming quarters.

“Meta’s indirect impact could push capitalization to $ 60 billion by the end of the first quarter of 2022.”

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Minh Anh

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

19 minutes ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

48 minutes ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

1 hour ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

3 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

4 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

4 hours ago

This website uses cookies.