With Facebook announcing a name change to Meta to demonstrate its new focus on the metaverse, something exciting happened in the cryptocurrency sphere. The price of MANA, a cryptocurrency dealing in virtual land, rose to an all-time high.
On Saturday, CoinMarketCap data reported that the price was at $4.16, a 400% rise. That was after posting a paltry $1.47 per token only a few days earlier.
MANA falls under the Decentraland platform that emerged in 2017, around the same time Margex was established. To know more about Margex, it is where users can transact properties on this metaverse platform using nonfungible tokens. Like ether, MANA revolves around Ethereum.
The Dentraland platform offers users the opportunity to acquire land and upgrade it in their preferred environment – for instance, theme parks and casinos.
Companies that operate in this space are interested in the developments at Facebook. Other metaverse-centered crypto currencies like AXS and SAND showed investor interest. However, MANA was the strongest performer, especially immediately after Facebook’s CEO made the announcement.
Facebook CEO announced the name change to META on October 28 and demonstrated the giant company’s determination to steer away from its social media identity. The CEO Mark Zuckerberg said this in his address, “Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started.”
Facebook changes to Meta
It is not surprising that Facebook made this bold move. The industry and the society at large are leaning towards the futuristic online world where they can enjoy new experiences. They desire to be at the meeting point of the virtual and real worlds.
Augmented reality, immersive technologies, and virtual reality have been gaining popularity in recent years. These technologies were bound to grow through investments from giants like Facebook. It is inevitable because they are part of the digital reality. Experts opine that soon, even gazes, motions, and gestures will be part of the experiences.
The question on everyone’s mind is whether this token will remain on fire for long. Currently, MANA appears to be in a consolidation period. Consolidation is usually welcome because it not only offers the token the chance to wind down on the relative strength index (RSI) but also prepares for upcoming rallies.
At the time of writing this piece, MANA, like SAND, seemed to be moving sideways. Oppositely, AXS has consolidated its position for the last month and is recovering after Facebook’s announcement, albeit without many strides. MANA and the likes may be consolidating and cooling off, but you still need to consider them for your portfolio.
Margex, a cryptocurrency derivatives trading platform that was formed only a year ago is one such option. Within a short period, the platform has proven itself as reliable for professional trading. Its simplicity means that even new traders are at home here.
One of the key features of this platform is 100x leverage that means that one can earn high profits, as long as he or she knows how to maneuver the market.
The market has been awash with negative reviews related to price manipulations and unwarranted liquidations. None of these price controls are at Margex. Your profits are your profits.
With the virtual reality market poised to be worth $1 trillion within five years, blockchain-based platforms are expected to benefit the most. The internet as all know it today is bound to manifest differently thanks to the metaverse as 3-D environments develop. It is at the backdrop of this fact that the metaverse token prices are most likely to strengthen in the future and offer many opportunities to traders.