Meta Cryptos Surge off the Back of Facebook’s Name Change to “Meta”
Much has been said recently about Facebook’s decision to rebrand to Meta, with both arguments for and against but what is without question is the overwhelming effect it has had on the metaverse cryptocurrency market.
Over the past couple of weeks, we have seen metaverse cryptocurrencies rally and this looks set to only be the start of this sector’s growth during the rest of 2021 and into 2022.
Much of this growth has been the realization of the virtual world becoming more and more attractive for millions of people around the world because of the endless amount of possibilities on offer for users.
Axie Infinity (AXS)
AXS/USD daily price chart. Source: TradingView
Axie Infinity, a blockchain-based trading and battle online digital play-to-earn game, saw its market cap reach up to $8.4 billion before correcting to just over $8 billion.
Axie Infinity’s native cryptocurrency token (AXS) rallied off the back of the increased metaverse “fomo” with gains of over 20% to reach a price of $150 dollars before correcting to just over $130 dollars.
With Axie being the market leader in the metaverse gaming sector, seeing these types of gains speaks volumes to the newer, lower cap blockchain-based gaming projects as they seek to make a name for themselves throughout the rapidly increasing adoption of play-to-earn games.
JED/USD daily price chart. Source: TradingView
JEDSTAR ($JED), the DeFi token in the gaming project’s DECO (Decentralised Ecosystem) has seen over 200% growth in the last week from $0.3 to over $0.9 and is now at a great entry point for new investors with a market cap of $42 million, looking set to increase further as the development team rolls out new updates. One of these updates includes their STARSTAKING initiative for JED holders that allows investors to stake their tokens and be rewarded up to 120x returns in the new GameFi token KRED. This will be used in their upcoming NFT marketplace AGORA, Collectible Card Game, Metaverse MMORPG game and in a highly exciting partnership with Skill Gaming for STARDOME which will see KRED used as a world’s first CAAS (Currency as a Service) on Skill Gaming’s platform for over 30,000 gamers.
With JEDSTAR being a relatively new project compared to that of Axie Infinity, investors have been capitalizing on the opportunity to be an early investor in the project’s upcoming roadmap. When compared to the heights that Axie Infinity has reached in market cap, it speaks to the amount of potential for future growth that the JEDSTAR DECO has ahead of it over the coming weeks and months.