- Metaverse token Gamium witnessed a 440% rally overnight in response to the partnership between Meta and Telefonica.
- Gamium will work with the two technology giants on the Metaverse Activation Program, an initiative launched to help and scale web3 startups.
- Metaverse tokens Dypius (DYP), DeFi Land (DFL), Artificial Liquid Intelligence (ALI), among others continued their price rally.
The metaverse token narrative is gathering steam yet again with technology giant Meta’s partnership with Spanish multinational Telecom company Telefonica. Gamium (GMM) will work on the Metaverse Activation Program, and the announcement triggered a massive rally in the token’s price.
Also read: Everything you need to know about Ethereum’s Shanghai hard fork and why it matters
Here’s why Gamium price rallied 440% overnight: Meta, Telefonica partnership
Gamium’s native token GMM surged 440% to $0.0028 in response to the project’s announcement of a deal with social media giant Meta (META) and telecom giant Telefonica (TEF).
Gamium will work with both technology giants on their Metaverse Activation Program and help scale web-3 startups, according to the recent announcement. All startups supported by the project will receive commercial support from both Meta and Telefonica.
Both Meta and Telefonica have been interested in the Web3 industry for a while now, with Meta’s plan to develop its own cryptocurrency Diem and Telefonica’s investment in a Spanish exchange.
A majority of GMM trade volume comes from KuCoin, PancakeSwap and Gate.io. The token has a market capitalization of $32.5 million, based on data from CoinMarketCap.
Is the metaverse narrative making a comeback?
The metaverse narrative first gained popularity when Meta announced its earnings report in February 2023. Several metaverse tokens witnessed a double-digit rally in response to Meta’s commitment to building the metaverse.
Metaverse tokens
With GMM’s massive price rally, Dypius (DYP), Defi Land (DFL), Artificial Liquid Intelligence (ALI), Spheroid Universe (SPH) rallied 90.2%, 8.7%, 7.9%, and 6.1% since February 27, respectively. The metaverse narrative is likely gathering steam again with Meta’s commitment to support web3 startups in the ecosystem, through incubation and partnerships.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.