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Despite Meta’s Stock Price Plunge, Metaverse Tokens Surge

George Georgiev Feb 4, 2022 07:17
Metaverse-related tokens have been surging in value, paying little attention to the plunge in Meta's stock price.

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.
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George Georgiev

Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn