Zuckerberg and the Facebook Re-brand Send Metaverse Coins Soaring

Zuckerberg and the Facebook Re-brand Send Metaverse Coins Soaring

There are no doubt brilliant cryptocurrency traders who have made millions in recent years thanks to the intense price swings of digital assets. There are also many rubes out there hoping to make a quick buck. Throw Mark Zuckerberg and the Facebook behemoth into the mix and some really weird stuff can happen.

That appears to be the case over the weekend after Facebook rebranded in part on Oct. 28 to call itself Meta. As Bloomberg News put it, “Facebook Inc. is re-christening itself Meta Platforms Inc., decoupling its corporate identity from the eponymous social network mired in toxic content, and highlighting a shift to an emerging computing platform focused on virtual reality.”

The metaverse has existed for years, of course, on such platforms as Decentraland and CryptoVoxels. To use Decentraland, for example, the native cryptocurrency mana is required. Let’s take a look at how mana is performing recently, shall we?

The one-month price of mana, which Coindesk calls Decentraland. Source: Coindesk

The price hit an all-time high of just over $4 on Oct. 30 and has since retreated to about $3 today. This could be smart traders betting on any token that grants access to a metaverse. Or it could be new traders jumping in on a token that sounds like Meta — ie, mana — in a situation reminiscent of day traders getting their symbols mixed up, pushing up the value of a company that has nothing to do with the latest craze.

It’s not just mana, either. Here’s a price chart for Bloktopia, a Bitcoin-based hub where token holders have access to “crypto information and immersive content all in one place. Bloktopians will be able to earn revenue through real estate ownership, advertising revenue, play games, build networks and much more,” according to its description on Coinmarketcap.

Note the spike over the weekend, after Facebook’s re-branding. Source: Coinmarketcap

As in with any global market — whether its stocks or cryptocurrencies — it’s almost impossible to say why an asset value rises of falls. But here, maybe a little Zuckerberg goose is in the mix.