Metaverse-based Gamium Rallies 360% Following News of Meta Partnering with Telefonica
Metaverse token Gamium surge exceeded 360% in the past day to realize $32 million in total market capitalization. The native token affiliated with the Gamium project increased by 360% to exchange hands at $0.002763.
What is Fueling the GMM Rally?
The GMM rally is fueled by the revelation that social media corporation Meta (META) was partnering with telecommunications giant Telefonica (TEF).
The February 27 announcement revealed plans for the Gamium project to integrate Meta and Telefonica within the Metaverse Program. The project involves a facilitative launchpad for Web3 startups.
The Gamium initiative targets to facilitate startups’ access to proprietary technologies offered by Meta artificial intelligence. The startups would access commercial support advanced by the Meta-Telefonica partnership infrastructure.
Partnership Cements Meta and Telefonica Pursuit of Web3 Infrastructure
The partnership is not the initial foray of the two firms into the Web3 segment. Previously, Meta, through its fully owned subsidiary Diem, had announced plans to develop and roll out its cryptocurrency. While Telefonica did not harbor such plans, it announced an investment in a Spanish-based crypto exchange. Later, Telefonica confirmed enabling crypto purchases.
A review of the market performance by GMM revealed a majority of the metaverse token traded on the Uniswap, Gate, and Kucoin platforms. The uptrend has spiked the market capitalization of GMM to $32 million, as illustrated by the CoinMarketCap data.
GMM Market Outlook
The daily trading volume grew by 9622.09% to $66,640,531. Earlier in the day, the price tested a high of $0.004539 before retreating to $0.0005861. Centralized exchange platforms dominate the daily volume with over $41.7M, while decentralized exchanges saw over 23M in the past 24 hours.
Despite the spirited rally, GMM is still exchanging hands at 79.87% below its all-time high price of $0.01290959, realized on April 3, 2022.
The uptrend portrays that GMM is currently on a growth trajectory, with its price level exceeding its all-time low of $0.00027813 accomplished on December 20 20. The price rally is still 834.5% higher just two months since the onset of 2023.
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