A little-known cryptocurrency spiked 400% after Facebook changed its name to Meta – CNBC

A little-known cryptocurrency spiked 400% after Facebook changed its name to Meta – CNBC

A smartphone with Facebook’s logo is seen in front of displayed Facebook’s new rebrand logo Meta in this illustration taken October 28, 2021.

Dado Ruvic | Reuters

Mana, a little-known cryptocurrency used for buying and selling virtual land, saw its price spike over the weekend amid excitement over Facebook’s rebrand.

The price of mana hit an all-time high of $4.16 on Saturday evening, according to CoinMarketCap data, up 400% from where it was trading shortly after Facebook announced it was changing its name to Meta. It has fallen since, having last changed hands at around $3.16.

Facebook’s rebrand was aimed at shifting the embattled social media company’s focus toward the “metaverse,” a kind of shared virtual reality in which multiple users can interact with each other and digital objects.

Launched in 2017, mana is the native digital token of Decentraland, a self-proclaimed metaverse platform where users can buy and sell virtual properties. Ownership of the land is purchased through nonfungible tokens, a type of digital asset meant to track who owns what. It runs on Ethereum, the blockchain network behind ether, the world’s second-largest digital currency.

Vijay Ayyar, head of Asia-Pacific at cryptocurrency exchange Luno, said mana and other metaverse-focused cryptocurrencies were rallying on the back of Facebook’s rebrand, which is being seen as a sign of growing acceptance of the metaverse trend.

“I read it as an interpretation of a vote of confidence amongst both speculators and investors that this
Source…