Virtual currency benefits from Facebook’s name change

November 26, 2021 By admin 0

The price of Mana, a digital currency dedicated to selling virtual land, spiked when the Facebook company changed its name.

Late last week, the little-known digital currency, Mana, surged in value as investors were excited about Facebook’s company name change to Meta, to show its ambitions to grow into a space company. virtual (metaverse).

According to CoinMarketCap data, the price of Mana hit an all-time high of $4.16 on Saturday night (October 30), up 400% from trading levels shortly after Facebook announced it was changing its name to Meta. After peaking, the price of Mana gradually decreased and traded around 3 USD at 6:30 pm +7 time zone.

The evolution of the value of the Mana coin. Source: CoinMarketCap

Launched in 2017, Mana is the digital currency of Decentraland, a self-proclaimed metaverse platform where users can buy and sell virtual assets. In this platform, virtual lands are NFTs (Non-fungible tokens) running on the Ethereum platform. Lands are bought and sold with Mana.

Vijay Ayyar, head of Asia Pacific at crypto exchange Luno, said Mana and other metaverse-focused cryptocurrencies are benefiting from Facebook.

The coinciding of Facebook’s new name is like a vote of confidence between speculators and investors, that the concept of metaverse is having a serious shift in perception that will soon be applied. Cryptocurrencies, including tokens of blockchain-based games Axie Infinity and The Sandbox, have also seen decent gains over the past few days.

According to Ayyar, investors are looking to smaller alternative cryptocurrencies, or altcoins, as interest in Bitcoin has begun to dwindle after the world’s largest digital currency hit price levels. a record of nearly $67,000 last month. Usually, once Bitcoin breaks through an all-time high, it sees money flowing into other altcoins.

Last week, a coin Shiba Inu challenged Dogecoin’s position amid investor speculation over whether Robinhood might add the coin to their trading platform. Shiba Inu currently ranks above Dogecoin in terms of market capitalization, with over $39.6 billion.