Facebook (NASDAQ:FB) announced on October 28 that it has changed its company name to Meta, marking the first major rebranding of the world's leading social media giant.
The name change reflects the company's growing ambitions, beyond social media, announced by CEO Mark Zuckerberg at the Connect Virtual Reality conference that he wants to change the name to represent space-making ambitions. virtual metaverse, realizing the company's vision of connecting online and real-world social experiences.
The move to the Meta moniker was planned for at least the middle of this year when Facebook first announced the creation of a new team dedicated to building the platform's metaverse. In its most recent earnings report, the company announced its intention to spin off Facebook Reality Labs, its virtual reality hardware business, into its own segment starting in the fourth quarter.
The term “metaverse” has become a popular phrase among businesses looking to connect the virtual and real worlds.
Facebook's head of product metaverse, Vishal Shah, said the company's goal is to provide a way for as many creators as possible to build businesses in the metaverse. Businesses in the metaverse will be able to sell physical and digital goods, as well as experiences and services. They will have access to the social network's advertising services to promote their products and reach new audiences.
When describing the new types of ownership models, Mr. Shah specifically mentioned NFTs. The new Meta Platform will make it easy for anyone to sell NFTs, display them in their digital space, and even safely resell them to others.
Meme currencies boomed in early 2021 and helped kickstart the bull market after Dogecoin (DOGE/USD) rallied above $0.01 to new highs while being held by celebrities like Elon Musk and Mark Cuban appreciate.
Soon after, clones of Dogecoin and other dog-themed tokens appeared to ride the bulls, and Shiba Inu (SHIB/USD) was one of the projects that quickly caught the trend and went higher. .
Over the past two weeks, the SHIB has spiked to new highs and confused crypto traders are scratching their heads over the exact cause.
Data from Cointelegraph Markets Pro and TradingView shows that since trading as low as $0.0000069 on October 1st, the SHIB price has surged 914% higher to a new record high of $0.0000699 on Oct. 27 when its 24-hour trading volume increased 137 percent to $24.67 billion.
The three reasons why the price and trading volume of Shiba Inu skyrocketed include its listing on multiple exchanges, the launch of Shiboshi (NFT), and SHIB's increased interest in exchanges. Derivative.
One of the biggest factors driving up the price of SHIB over the past month has been the increase in user access to the token, thanks to it being listed on multiple crypto exchanges.
Some of the new SHIB-only exchanges include BitKan, AOFEX, StealthEx and CoinFlex exchanges.
The ecosystem also provided bullish impetus after it was announced that a partnership with crypto payment service provider NOWPayments has made it possible for SHIB to be accepted as a form of payment, to be used Use to donate and pay salary in cryptocurrency through bulk payment feature.
The second reason for Shiba Inu's rise was the launch of its own line of NFTs called Shiboshi's.
NFT continues to be one of the most popular areas of the crypto ecosystem and a trusted way for projects to increase their community engagement and support.
Shiboshi launch includes 10,000 individual NFTs and community members have 24 hours to purchase them.
All Shiboshi are now minted and listed on the OpenSea NFT marketplace.
The third reason for the increase in SHIB's strength is the increase in open futures (OI) on many exchanges including OKEx, FTX, and Huobi.
Open interest for SHIB rose from $15.7 million on October 3 to a record $178.95 million on October 27 as the SHIB price spiked to a new all-time high.
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