Axie Infinity, Decentraland, and 'metaverse' cryptos rally after Facebook rebrands to Meta
Facebook's decision this Thursday to rebrand itself to Meta—to indicate its plans to build an avatar-filled metaverse—helped spark a speculative rally across cryptocurrencies that belong to similar virtual world projects.
Decentraland, a virtual place with its own economy, currency (MANA), and social events, accessible to anyone with a web browser, saw its market valuation exploding from $1.44 billion to $2.08 billion in the previous 24 hours. That happened as its native token MANA jumped circa 45% to $1.14 in the same period.
At its intraday best, the Decentraland cryptocurrency was changing hands for $1.227 Friday, its highest level since May 18, 2021.
Traders started rushing into the Decentraland market after assessing Facebook's foray into
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