Over the weekend, the price of Mana, a little-known cryptocurrency used for buying and selling virtual land, soared on enthusiasm over Facebook’s rebranding.
According to CoinMarketCap data, the price of mana hit an all-time high of $4.16 on Saturday evening, up 400 percent from where it was trading just after Facebook announced its name change to Meta. It has since dropped in value, last changing hands at roughly $3.16.
The rebranding was intended to refocus Facebook’s attention on the “metaverse,” a type of shared virtual reality in which several users may interact with each other and digital items.
Mana is the native digital token of Decentraland, a self-described metaverse platform where users can buy and sell virtual properties. It was launched in 2017. Nonfungible tokens, a sort of digital asset used to track who owns what, are used to purchase land ownership. It is based on Ethereum, the blockchain network that underpins ether, the second-largest digital currency in the world.
Mana and other metaverse-focused cryptocurrencies are rallying on the back of Facebook’s redesign, which is seen as a sign of growing acceptance of the metaverse movement, according to Vijay Ayyar, head of Asia-Pacific at cryptocurrency exchange Luno.
“I view it as a vote of confidence among both speculators and investors that this concept of a metaverse is now taking a significant turn in terms of popular consciousness and — shortly — acceptance,” Ayyar explained.
Other cryptocurrencies, such as the tokens for the blockchain-based games Axie Infinity and The Sandbox, have seen significant rises in recent days.
According to Luno’s Ayyar, investors are turning to smaller alternative cryptocurrencies, or “altcoins,” since interest in bitcoin has waned after the world’s largest digital coin hit a record high of about $67,000 last month.
“We typically see money flow into other altcoins once Bitcoin crosses an all-time high,” he said.
Last week, shiba inu, a “meme token” that competes with dogecoin, rose dramatically on anticipation that Robinhood could add it to its trading platform. With a market capitalization of more than $39.6 billion, it has surpassed dogecoin. So far, Robinhood has remained silent on whether or not it would support shiba inu.
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