Metaverse Tokens Surge Despite Meta’s Stock Prices Crashing

Metaverse tokens surge in value despite the Meta stock prices crashing over the past few days after Facebook pulled the plug on their Diem stablecoin project so let’s find out more today in our latest altcoin news.

The metaverse tokens surge today and almost didn’t pay any attention to the plunge in Meta stock prices. The world’s biggest social media platform Facebook saw its shares of the Meta company drop by more than 26% during yesterday’s trading session and despite this, the tokens in the metaverse surged for the past week. Facebook’s stocks dropped over 22% during the after-hours trading sessions and the regular one was not getting better either as the stock lost up to 26.39% in the past 24 hours, wiping off about $200 billion of the market cap.

The reason for the drop was hidden in the Meta financial report for the last quarter of the past year. The document revealed that Facebook saw an increase in the daily active users for the first time and the markets were quick to react.
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Meta also wrote off $10 billion as expenses from its recent Metaverse push that was revealed in Q4 of 2021.  the document showed that Facebook already saw a drop in daily active users for the first time ever and the markets reacted right away but what’s interesting is that the metaverse tokens surge still like SAND and MANA which were surging over the past few days. In the last week, MANA increased up to 20% whereas SAND increased by 7.5%. The decoupling is quite interesting given its previous events but last year we saw Mark Zuckerberg announced that the company will change its name to META in an effort to push the development of the metaverse tokens in value.

As recently reported, Judging by the drop in stock prices, the investors are not really convinced by Facebook’s plans to enter the metaverse. The META shares crashed by 20% in the aftermath of the trading and after releasing the 2021 Q4 earnings reports. Facebook cited stagnant user growth in the earnings report and it took the eye off the flagship product and shifted to the metaverse where people use digital avatars to interact with virtual and augmented reality headsets so a few blockchain projects compete already to build an open-source metaverse that will be powered by crypto and Web3 technologies.