Shiba inu, the meme-based bitcoin rival that has soared on cryptocurrency value lists in recent weeks, has left those who missed out on the search for the next viral cryptocurrency.
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The value of shiba inu rose nearly 1,000% last month alone, far surpassing bitcoin’s undeniable 50% increase. Meanwhile, a cryptocurrency inspired by Squid Game has risen even higher, despite a number of serious warnings.
Now, following facebook’s rebranding to Meta and founder Mark Zuckerberg over the creation of a so-called virtual metaverse, the value of Decentraland’s mana cryptocurrency has risen 300% this week, giving it an overall market cap of around $6 billion.
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This week, Facebook, the social media giant that features photo app Instagram, messaging app WhatsApp and virtual truth company Oculus among its brands, announced its rebrand under the Meta umbrella to create its virtual metaverse, which some will come with a piece of paper. for blockchain-based non-fungible tokens (NFTs), which enable the tokenization of all types of media and virtual assets.
Decentraland, unveiled in 2019 after raising $25 million in its initial coin supply (ICO) of 2017 and described as a metaverse built on blockchain, this week saw investors stack its mana token due to interest in Facebook’s rebranding. 44th cryptocurrency of maximum value in CoinGecko’s list of the hundred most sensitive cryptocurrencies.
Decentraland, similar to games like The Sims and Second Life, allows users to interact in a virtual world, with mana tokens powering the global NFT gaming economy of everything, virtual clothing, homes, and even plots of land.
“Mana is literally parabolic because of Facebook’s call change,” David Gokhshtein, executive leader of the PAC Protocol distributed knowledge network, said via Twitter. “It’s time for me to start using similar protocols with the same use case. “
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Index Coop’s metavers index, which tracks 14 Ethereum-based cryptocurrencies used in other virtual worlds, rose 50% this week as crypto investors tokens in the wake of Facebook’s rebranding, with Decentraland’s manna far ahead.
“Mana’s leadership position in the metaverse ecosystem will likely be further strengthened through Facebook’s resolve to rebrand and in building its own extension to the virtual world,” Denis Vinokourov, head of studies at Synergia Capital, told Coindesk.
I am a journalist with a wealth of experience covering technology, finance, economics and business around the world. As founding editor of Verdict. co. uk, I reported