Despite Meta’s Stock Price Plunge, Metaverse Tokens Surge
The world’s largest social media platform – Facebook – saw the shares of its parent company, Meta, plunge by more than 26% during yesterday’s trading session. Despite this, metaverse-related tokens have been surging for the past week.
- CryptoPotato reported yesterday that FB stock plunged over 22% during the after-hours trading session. The regular one wasn’t any better as the stock lost a total of 26.39% throughout the past 24 hours, wiping off upwards of $200 billion off its market capitalization.
- The reason for the decline was hidden in Meta’s financial report for the last quarter of 2021.
- The document revealed that Facebook saw a decrease in its daily active users (DAU) for the very first time and the markets were quick to react.
- Meta also wrote off $10 billion as expenses on its Metaverse push revealed in Q4 2021.
- Interestingly enough, metaverse-related cryptocurrencies such as The Sandbox’s SAND and Decentraland’s MANA have been surging over the past few days.
- In the last week, MANA is up almost 20%, whereas SAND is up 7.5%.
- This decoupling is quite interesting given previous events.
- Last year, when Mark Zuckerberg revealed that the company will rebrand to Meta in an effort to push the development of the metaverse, associated tokens skyrocketed in value.
