Last Thursday was a day when Meta (formerly Facebook) lost more than $230 billion in stock market value. Meta sharesThe 26% decrease in the company was recorded as one of the largest decreases in a single day for a US company. According to Meta, Facebook’s daily active users saw a decline for the first time in the company’s 18-year history. Despite this significant decline, the crypto world metaverse tokensSeems to be bullish, taking advantage of Meta’s depreciation.
According to the Bloomberg Billionaires Index, this shock in the stock market caused the net worth of Meta’s CEO Mark Zuckerberg to drop by $31 billion. Interestingly, the drop in the share price amounted to an amount equal to Estonia’s annual gross domestic product.
Zuckerberg, on the other hand, commented that the decline may have been “hinted” by the company’s sales growth, especially by younger users turning to different competitors.
Metaverse Leaves Meta Behind!
The price of Decentraland’s native token MANA has gained over 20% in the past seven days, from the seven-day low of $2.19 to the recent support levels around $2.60.
Similarly, SAND, the native token of The Sandbox, one of Decentraland’s most prominent Metaverse rivals, managed to reach support levels at $3.60, up 17.5% from a low of $3.31 to over $4 in seven days.
Of course, factors other than the decline in Meta’s stocks are thought to have increased the price of MANA and SAND. Decentraland recently announced a prototype app, improvements in gaming experience, increased usefulness of NFTs, and protocol advancements.Decentraland 2022 Manifesto” was interpreted as an important factor.
Additionally, the Sandbox team announced a collaboration with UniX Gaming, a decentralized autonomous organization (DAO), as well as releasing extra “land” in its metadata on Feb.
The Sanbox, which is owned by Animoca Brands, was talked about earlier this week with “speculation” that it might be acquired by Meta. Animoca Brands president and co-founder Yat Siu quickly put an end to these speculations on February 3.
In addition to Meta, other big tech giants such as Apple and Microsoft are also preparing to enter the market.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.