Friday, January 21

Price of Metaverse cryptocurrencies may be related to actions on Facebook’s Meta

Benefiting from Facebook’s name change to Meta, metaverse cryptocurrencies have become the latest craze in the industry and have seen their prices soar in recent months. However, the current weekly decline in Meta stocks may impact the price of these cryptocurrencies.

While it’s still too early to talk about the future of the metaverse, it’s important to note that some tokens are already showing considerable fixes. And while Bitcoin has some influence on that, Meta could also be behind this recent drop.

Despite having breathed for a month after the name change, Meta is already a bad investment again. Not only with its stock price falling, but also in adoption as the cryptocurrency metaverse is attracting both individuals and companies at a faster pace.

Meta and metaverso

While the name change from Facebook Inc. to Meta Plataforms Inc. has stopped its stocks from bleeding — showing an appreciation of nearly 15% in November — they have plummeted again in recent weeks.

Meta Platforms Inc. Share Price Source: TradingView

By opening the month of December with a strong drop — 8.66% at the moment — this could be a red flag for the metaverse of cryptocurrencies that also started the month of December badly. Indicating correlation between these two worlds.

Falling metaverse cryptocurrencies. Source: CoinGecko

Even with large-value trading in NFTs — such as land and virtual yachts — in this last period, nearly all of the major metaverse cryptocurrencies are experiencing casualties in the three timeframes shown by CoinGecko.

In addition to the possible relationship with Meta’s performance, it is also worth noting that Bitcoin, also down this week (-5.9%), still appears to be the biggest influencer of altcoins.

Meta wants to fit in the metaverse

Another curious point is that Meta, the main responsible for the flourishing of this sector, is wanting to join with cryptocurrency projects. This can be seen on Twitter this Thursday (1) and Friday (2) when the project’s official profile commented on tweets from Adidas and The Sandbox.

“I love to see this! The metaverse is getting better every day”

“We can’t wait to see Adidas in the metaverse”

As it’s hard to believe that Meta integrates cryptocurrencies into its platforms — as instead of using a cryptocurrency like Bitcoin, it tried to create its own, Libra/Diem — these comments seem to be a cry for help.

After all, people are already realizing that it is better to participate in decentralized metaverses, with the possibility of participating in their economy, than having their data sold to increase a company’s revenue from ad sales.