Research Information System
Digital Finance, vol.8, no.1, 2026 (Scopus)
This study examines the dynamic interactions between selected Metaverse tokens—RENDER, FLOKI, SAND, AXS, and MANA—and key financial indicators, including Bitcoin (BTC), gold (XAU), Brent crude oil (BRT), and the U.S. dollar (USD), using the Wavelet Transform Coherence (WTC) method. By analyzing daily price data from July 25, 2024, to February 24, 2025, this research investigates how Metaverse tokens co-move with both cryptocurrency and traditional financial assets across different time and frequency domains. The results reveal statistically significant short- and medium-term coherence between Metaverse tokens and BTC, particularly in the case of FLOKI, indicating strong sensitivity to broader crypto market trends. In contrast, relationships with traditional assets such as XAU, BRT, and USD are found to be weak, intermittent, or statistically insignificant, suggesting that Metaverse tokens remain largely decoupled from conventional market dynamics. These findings highlight the potential of Metaverse tokens as diversification instruments and offer important implications for portfolio construction and risk management. The study contributes to the emerging literature on digital finance by applying a time–frequency framework to an underexplored class of tokens, offering insights into their evolving role in a hybrid financial system.