The second biggest gainer on Crypto.com today is Decentraland’s MANA. With an increase of more than 20% at the time of writing, MANA is currently trading at $3.28, which is 69% from an all-time high. Let’s take a closer look at Decentraland/MANA and see what all the hype is about.
What is Decentraland/mana?
As the name suggests, Decentraland is a virtual reality platform powered by the Ethereum blockchain. Users can use MANA to purchase virtual plots and other goods on the platform.
decentralization It is a fully functional world full of players and activities. If you haven’t checked it out yet, I highly recommend you to explore their world.
Why is the price of MANA going up?
Other than the fact that mana has a fully functional product, Coindesk reported today Sotheby’s will allow live bidding on Ethereum at an upcoming virtual exhibition on November 18 that will be held at its “headquarters” in Decentraland.
Sotheby’s It is a fine art store that sells high-value artwork, jewelry, watches, and more. Their previous sale of NFTs generated more than $16.8 million in sales. If the upcoming event goes to anything like an NFT sale, there are going to be some crazy performances on their art.
While the upcoming auction is sure to generate some noise regarding MANA, in my opinion the real reason for Decentraland’s huge price gains is due to the increased user base on its platform.
Looking at Decentraland’s Alexa rankings, we can see that over the past 90 days there has been a steady stream of users joining the platform.
The biggest driver in price and rating for any project is user adoption. If the team has a working product and users embrace it, that is the key to success.
As the Crypto market matures, there is no longer room for projects that do not have a working product or application at launch. It’s great to see the rise in popularity of Decentraland amid the hype around the default properties and the Metaverse.
Price of MANA and Tokenomics
With a market capitalization of $5.8 billion, MANA ranks as the 39th largest cryptocurrency in the market. Moreover, with a trading volume of $6.1 billion over 24 hours, the market is clearly excited about the project.
With an ROI of over 12000%, it is amazing to see MANA continue to raise their prices astronomically. However, with increased adoption and hype surrounding Metaverse type projects, I wouldn’t be surprised if MANA continues its upward trajectory all this month.
This is not a trading or investment advice, always do your own research before purchasing any cryptocurrency.
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