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Little Known Cryptocurrency Spiked With Meta Reveal

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Added 2 years ago by admin

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Mana, a little-known cryptocurrency used for buying and selling virtual land, saw its price spike over the weekend amid excitement over Facebook’s ($FB@US) rebrand. The price of mana hit an all-time high of $4.16 on Saturday evening, up from 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 Launched in 2017, mana is the native digital token on Decentraland, a self-proclaimed metaverse platform where users can buy and sell virtual property. 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. Mana and other metaverse-focused cryptocurrencies were rallying on the backside of Facebook’s rebrand, which is being seen as a sign of growing acceptance of the metaverse trend. Other cryptos, including the tokens of blockchain-based games Axie Infinity and The Sandbox, have also seen solid gains in the past few days.

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