Cryptocurrencies linked to ‘metaverse’ rise with Facebook ad

Last Thursday (28), Facebook finally revealed the new visual identity and name of its parent company, now called “Meta”. As suggested by past rumors, the move seeks to reflect Social Networks Giant’s new goals and business plans, aimed at creating a virtual world housed in the internet — a “metaverse”, so to speak.

As usual, the company’s announcement sparked a speculative rally in the cryptocurrency market, pushing the theme tokens up to 45% in less than 24 hours after the event. Highlights include the well-known projects Axie Infinity (AXS), Decentraland (MANA) and The Sandbox (SAND), all aimed at digital entertainment powered by a blockchain and their respective benefits.

With a high as expressive as its peers, the AXS cryptocurrency is possibly one of the most successful in this niche, being its project and “cryptoverse”. In short, the coin features a collectible monster game, which shares features with the famous franchise Pokémon. Players can use it to purchase digital PETs, which act as non-fungible tokens (NFTs), to “play and profit” during matches.

Check out the chart, showing a 30% appreciation in AXS, before a subsequent correction:

1H chart showing AXS currency trading against US dollar in Binance. (Source: TecMundo, Adriano Camacho)Source: TecMundo, Adriano Camacho

In addition to natural speculation, the movement may have been heavily influenced by the “fear of being left out”, known by the acronym in English “FOMO”. Sentiment, which tends to move asset prices higher, also anticipates a strong correction period, as Mercuryo co-founder and chief operating officer Greg Waisman points out.

He explains: “Investors will profit more if they place their bets when the market cools off from this massive price result,” suggesting that a sudden downward movement may be approaching these projects — as has occurred at AXS.

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