The PSY algorithm was used to identify bubble periods in the prices of MANA and SAND between January 1, 2021, and August 12, 2022. Significant price increases occurred following Facebook's announcement in October 2021, which led to MANA and SAND appreciating by 28.6 and 287.5 times, respectively. Bubble identification indicated that 5.6% and 5.3% of the days could be classified as bubbles for MANA and SAND. In contrast, no bubbles were identified for BTC, while ETH showed bubbles on 3% of the days during a different period.
Between January 1, 2021, and August 12, 2022, MANA and SAND saw price increases of 28.6 and 287.5 times respectively, primarily following Facebook's rebranding to Meta.
The PSY algorithm identified at least 10 days as bubbles during a period when MANA and SAND prices surged, illustrating a direct correlation with heightened metaverse interest.
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