Decentraland mana cryptocurrencies rally after Facebook’s name change

Mana, a lesser-known cryptocurrency used to buy and sell virtual land, soared over the weekend in the excitement of Facebook’s rebranding.

Manna prices reached an all-time high of $ 4.16 on Saturday night, up 400% from where they were trading shortly after Facebook announced that they would change their name to meta, according to CoinMarketCap data. Since then, the last change was about $ 3.16.

Facebook’s rebranding was aimed at shifting the focus of embarrassed social media companies to the “metaverse.” This is a type of shared virtual reality that allows multiple users to interact with each other and interact with digital objects.

Released in 2017, mana is a native digital token of Decentraland, a self-proclaimed metaverse platform that allows users to buy and sell virtual properties. Land ownership is purchased through irreplaceable tokens, a type of digital asset aimed at tracking who owns what. It runs on Ethereum, the blockchain network behind Ethereum, the world’s second largest digital currency.

Vijay Ayyar, head of the Asia-Pacific region of the crypto exchange Luno, said that cryptocurrencies focused on mana and other metaverses are seen as a sign that the metaverse trend is becoming more and more accepted on Facebook. He said he was recovering against the backdrop of the brand change.

“I interpret this metaverse concept as a vote of trust between both speculators and investors that it is now undergoing a major shift in that it has reached mainstream consciousness and will soon be adopted. I read it, “said Ayar.

Other cryptocurrencies, including the blockchain-based game Axie Infinity and The Sandbox tokens, have also seen strong growth over the past few days.

According to Luno’s Ayyar, investors are looking for a smaller alternative cryptocurrency, the “altcoin”, as interest in Bitcoin began to diminish after the world’s largest digital coin reached a record high of nearly $ 67,000 last month. I am.

“Usually when Bitcoin hits a record high, we see money flowing into other altcoins,” he said.

Last week, Shiba Inu (a “meme token” that challenges Dogecoin) soared in speculation about whether Robin Hood could add coins to its trading platform. Currently, it has a market capitalization of over $ 39.6 billion and ranks higher than Dogecoin.