2 Years Old Cryto News Website

Despite the drop in Meta’s share price, Metaverse tokens are rising

The world’s largest social media platform – Facebook – saw shares of parent company Meta drop more than 26% during yesterday’s trading session. Despite this, metaverse-related tokens have soared in the past week. CryptoPotato reported yesterday that FB shares have fallen more than 22% during the after-hours trading session. The regular was no better as the stock lost a total of 26.39% in the past 24 hours, wiping out more than $200 billion of its market cap. The reason for the drop was hidden in Meta’s financial report for the last quarter of 2021. The document revealed that Facebook saw a drop in its daily active users (DAU) for the first time, and the markets reacted quickly. Meta has also written off $10 billion in expenses for its Metaverse push revealed in the fourth quarter of 2021. Interestingly enough, metaverse-related cryptocurrencies such as The Sandbox’s SAND and Decentraland’s MANA have soared in recent days. In the past week, MANA is up nearly 20% while SAND is up 7.5%. This disconnect is quite interesting considering past events. Last year, when Mark Zuckerberg revealed that the company will rebrand to Meta in an effort to boost development of the metaverse, the associated tokens skyrocketed in value. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
Source link
Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts