Abstract
ABSTRACTThe present study offers new insights into the financial trends of leading metaverse tokens, exploring their relationship with public attention measured by Google Trends and global stock indices. Using SADF and GSADF tests for bubble detection as well as Wavelet Coherency for analyzing frequency-dependent movements, the study covers the period from January 1, 2021, to December 31, 2022. This period includes the initial surge in the metaverse following Mark Zuckerberg’s announcement on October 28, 2021 as well as the subsequent NFT hype. Findings reveal that metaverse tokens exhibit bubble-like behavior during peak periods in Google Trends attention measurement. Additionally, the post-hype phase in 2022 shows medium-frequency links between these tokens and the broader technology sector. These results highlight the multifaceted connectedness of digital assets with both, public attention, and the technology sector. Thereby, the study contributes to a broader understanding for policy makers as well as for financial investors.
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