Facebook Rebrand Sends Metaverse Coin Decentraland (MANA) Soaring 91%

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Last Updated on 31 October 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Mark Zuckerberg knows how to detract attention. After several weeks of whistleblowers, negative media focus and a damning series of articles in the Wall Street Journal about his beloved Instagram apparently driving teens to suicide, Zuck came up with a rebrand.

In order for him (and Sheryl Sandberg probably) to be able to say to investigators you should really talk to the CEO of Facebook when a congressional oversight hearing finally decides to take action against the social media giant, he came up with a brand new name and mother company for Facebook, Instagram, Whatsapp and all the others he has in his portfolio. Just as Google is really owned and steered by Alphabet Inc, as from now Facebook will be guided by a company known as Meta.

YouTube video

Together with his sidekick Andrew ‘Boz’ Bosworth and featuring an appearance from wife Priscilla, Mark Zuckerberg starred in a metaverse universe where one could have virtual meetings.

Advertentie.

Meta Fomo kicks in

All that was very good news for the DeFi coin Decentraland (MANA), which rallied massively in return. The coin, owned by blockchain platform Decentraland (which has its own virtual universe), is betting big on virtual meeting platforms and has been working on metaverses of its own for a while.

In fact, it held a ‘metaverse festival’ recently and seems perfectly positioned from the growing interest in virtual platforms that the Facebook rebrand will bring.

Trading volume and interest for the coin exploded as a result, with the small altcoin up some 91% in the past 24 hours, going from $1 all the way to $4 and now settling around $3,40.

It is unclear whether this rally will last but for now the meta FOMO seems full on.