Metaverse Coins Continue Soaring on News of Facebook Rebranding to Meta

Metaverse-related coins have continued climbing to new levels this week after social giant Facebook rebranded to Meta in the past week. After the announcement, the coins started ascending, and while the bullish momentum from such news usually dies down quickly, the coins have extended their rally into this week, with no signs of slowing down.

At the time of writing, The Sandbox (SAND) is up 16.15% in 24 hours and 285% over the past seven days to change hands at $3.04 (£2.33). Currently occupying the 62^nd position in the list of leading cryptos, SAND has market cap of $2,688,877,194.00 (£1,969,051,324.78), with 892,246,119 tokens in circulation. The coin’s daily volume is $5,333,929,534.00 (£3,906,009,928.10) after falling 30.30%.

Decentraland (MANA) comes next after losing 9.40% in the day to change hands at $2.80 (£2.05). While the token is bleeding today, it is worth noting that its weekly gains stand at 256.09%. MANA is currently the 41^st-largest coin by capitalization, with a market cap of $5,129,528,753.00 (£3,756,328,258.18) and 1,816,935,591 tokens in circulation.

Metaverse adjacent coins are also rallying

The demand for metaverse coins is also evident in the Metaverse Index (MVI), which tracks the performance of several leading cryptos in the category. At the time of writing, MVI is changing hands at $246.56 (£180.55). This figure represents an 0.46% gain in 24 hours and a 74.29% change over the past seven days.

Notably, MVI’s current value depicts an 8.78% retracement from its ATH of $271.91 (£199.12) earlier today.

Apart from SAND and MANA, which are directly associated with the Metaverse, Metaverse-adjacent coins have also recorded significant gains over the past week. Examples of such tokens are Enjin Coin (ENJ), Axie Infinity (AXS), and Flow (FLOW).

Out of the three, ENJ is the biggest weekly gainer after climbing 33.52%. However, ENJ’s daily performance is poor, with the token losing 3.53% to change hands at $2.85 (£2.09). AXS is the second-largest weekly gainer after rising 12.51% to trade at $137.34 (£100.57). On the Other hand, FLOW gained 12.28% over the past seven days to change hands at $13.72 (£10.05) at the time of writing.

According to Jeff Dorman, the CIO of Arca, gaming and NFT tokens needed a reason to trend higher, and Facebook rebranding to Meta set bulls in motion. He added that Facebook instantaneously changed the sector from a cool ideal with little traction to a space in which growth is inevitable.