At the time of writing this article, $MANA, the native crypto token of Decentraland is trading at $5.09, just off it’s Thursday high of $5.84. This represents a rise of almost 40% in value over the last 7 days.
Decentraland, built on the Ethereum blockchain has grown exponentially. There are suggestions that the market capitalisation of $MANA now exceeds the market capitalisation of another popular metaverse Axie Infinity. Axie Infinity is often described as similar to Pokemon Go.
There are two main factors that point to the current rise in the value of $MANA. The rebranding of Mark Zuckerberg’s conglomerate as Meta and his varied keynotes pointing to a renewed focus on development in the space has created renewed focus across the board – from those that want to build the metaverse from the ground up as well as institutional investors.
Further price pressure on $MANA can be accounted for through the recent sale of a number of virtual real estate plots through the Decentraland metaverse. In big news. A recent sale of real estate in Decentraland went through for 618000 $MANA, worth $2428740 at the time the same occurred. This was Decentraland’s biggest sale, and apparently in a highly sought after area.
At the same time that Decentraland is thriving, with concurrent rises in the value of their own native crypto tokens (see $SAND from The Sandbox), there is speculation that increased interest across the board will propel the entire ecosystem forward.
At the same time, some analysts suggest that metaverse tokens could be oversold, meaning that metaverse tokens could be headed for a price correction.
This article is written purely for information and entertainment purposes and should not be considered financial advice. Investing in cryptocurrency can be highly volatile and you should not invest more than you could afford to lose. This article does not take into account your own personal circumstances. Please seek independent financial advice and do your own research.