After its alliance with the crypto sector, Meta [née Facebook] struggled to stay afloat as the company lost $251 billion in value in 24 hours and stock prices fell 28.69% in the past month. Workers rushed to prioritize and decide if it was time to leave. But given Meta’s foray into crypto, what ripples are these actions causing in the industry?
When a problem META stagnates
At the time of going to press, CoinMarketCap showed several top winning coins that were on the META wave. These include Metaverse Future [METAF] which saw a 1711.44% rally in 24 hours, Meta City [METACITY] with a 275.13% rally in the same period, and MetaPay [METAPAY] which rose 206.52% in one day.
However, it is worth noting that none of these three tokens were among the top 100 or even 500 tokens by market cap.
Source: CoinMarketCap
So the question is, what’s going on here? One answer could be that meta trends – for all the wrong reasons – token makers hoping to monetize traffic are using Meta and Meta theme names to push their own products.
Alternatively, this may be a strategy to confuse new investors who want to know the difference between Meta . still don’t understand [formerly Facebook] and Metaverse tokens such as AXS and MANA.
The @metapayglobal demo is now available on the website. MetaPay is a token that can be used to buy and sell packs and avatars in an augmented reality-friendly virtual environment and then be converted back into #Metapay Coins. #METAPAY gets up at 540%🔼#Meta #Metaverse pic.twitter.com/Mmlo2mcwen
— Crypto_Johnny (@crypto3_johnny) February 4, 2022
However, investors should also check the legitimacy of such tokens before deciding to enter. For example, if you look at METAF, the most recent price increase of 1711,44% is almost negligible compared to the price in January 2022.
Source: CoinMarketCap
As for METACITY, one can see that the token’s website was created on January 29, 2022. Simply put, the project is less than 10 days old.
Source: ICANN Lookup
Finally, speaking of METAPAY, the token went from a top win to a top loser in the time it took to write this article. At the time of writing, it had lost 91.39% of its value.
Source: CoinMarketCap
The sun will never set in the meme empire
While there has been a noticeable shift in interest from meme coins riffing on Elon Musk and his dogs to Meta and Web3 themed coins, the power of the dog is still strong. A top gainer remains NinjaFloki [NJF]with the alt rally at 648.15% in 24 hours.
However, according to AMBCrypto’s previous report on NJF, the token’s BNB/NJF ratio has been in free fall since early this year.
This post While Facebook Fails, Here’s Why These META Pun Tokens Are Up 1700%, 200%
was published first on https://ambcrypto.com/as-facebook-flounders-heres-why-these-meta-wordplay-tokens-are-up-by-1700-200/
