The rise of “Metaverse” digital currencies coincides with the decline in the share price of “Meta” company
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Answer The rise of “Metaverse” digital currencies coincides with the decline in the share price of “Meta” company
The world’s largest social networking platform, “Facebook”, witnessed a decline in the shares of its parent company “Meta” by more than 26% during yesterday’s trading session.
Simultaneously, cryptocurrencies linked to metaverse have risen over the past week.
FB stock is down more than 22% during yesterday’s trading session.
The common stock was no better off as the stock lost a total of 26.39% in the past 24 hours, wiping out over $200 billion from its total market value.
As for the reason for the decline, it remained hidden in the Meta financial report for the fourth quarter of 2021.Read:Ethereum founder talks about price predictions and Ethereum fees after the upcoming upgrade
The document revealed that Facebook saw a decrease in the number of daily active users (DAU) for the first time, and it appears that the markets were quick to respond.
Meta also wrote off $10 billion as expenditures on metaverse research were revealed in the fourth quarter of 2021.
Interestingly, cryptocurrencies related to metaverses such as SAND and MANA have been on the rise over the past few days.
In the past week, the price of the digital currency “MANA” increased by almost 20%, while the price of SAND rose by 7.5%.
The current chapter in the performance process of Facebook’s stock and meta-currencies is very interesting given the accelerating events of the past.
Last year, when Mark Zuckerberg revealed that the company would rebrand to Meta in an effort to drive the development of associated digital tokens, the value of meta-cryptocurrencies skyrocketed.Read:Is Bitcoin really a way to hedge against inflation?
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