Following its alliance with the crypto-sector, Meta [née Facebook] struggled to stay afloat as the company lost $251 billion in value within 24 hours and stock prices plunged by 28.69% over the last month. Employees scrambled to figure out their priorities and decide whether it was time to exit. But considering Meta’s foray into crypto, what ripples are these actions causing in the industry?
When a problem META-stasizes
At press time, CoinMarketCap showed several top gaining coins that were riding the META wave. These included Metaverse Future [METAF] which saw a rally of 1711.44% in 24 hours, Meta City [METACITY] which saw a rally of 275.13% over the same period, and MetaPay [METAPAY] which rose by 206.52% in a day.
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However, it’s worth noting that none of these three tokens were among the top 100 or even 500 tokens by market cap.
So the question is – What is going on here? One answer could be that as Meta trends – for all the wrong reasons – token creators hoping to cash in on the traffic are using Meta and Meta-themed names to push their own products.
Alternatively, this could be a strategy to confuse new investors who may still not understand the difference between Meta [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 packages and avatars in an augmented reality-friendly virtual environment and then converted back into #Metapay tokens. #METAPAY is up with 540%🔼#Meta #Metaverse pic.twitter.com/Mmlo2mcwen
— Crypto_Johnny (@crypto3_johnny) February 4, 2022
However, investors also need to check the legitimacy of such tokens before deciding to join the bandwagon. Looking at METAF, for example, one sees that its most recent 1711.44% spike in price is almost negligible when compared to its price in January 2022.
As far as METACITY is concerned, one can see that the token’s website was created on 29 January 2022. Simply put, the project is less than 10 days old.
Finally, speaking of METAPAY, the token went from being a top gainer to a top loser in the time it took to write this article. By press time, it had lost 91.39% of its value.
The sun will never set on the meme empire
While there was 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. One top gainer continues to be NinjaFloki [NJF], with the alt rallying by 648.15% in 24 hours.
According to AMBCrypto’s previous report on NJF, however, the token’s BNB/NJF ratio has been in a free-fall since early this year.