Following news of Facebook’s rebranding to Meta and subsequent plunge into the metaverse, virtual-reality protocol Decentraland has been on the rise since the beginning of November.
Decentraland’s MANA Price has skyrocketed as more entrepreneurs create products and services aimed at harnessing the enormous potential hidden in virtual space. As a result of this increase, some investors have rushed to add MANA to their investment portfolio.
MANA Price Action
On the daily trading chart, MANA is currently trading at $3.31, up by 19.5% percent. A weekly rise of 26.4 percent marks a strong finish to a hectic second week of November.
With over $5.3 billion in total value locked (TVL) in the protocol, the digital token’s market cap has increased by 15.51 percent. The 24-hour trade volume has also increased dramatically, up 132.21 percent, with almost $3.2 billion currently changing hands.
Despite being 25.7 percent off course, MANA may be on track to reach its all-time high (ATH) of $4.11 on October 31 with so much coming into the protocol.
MANA is now ranked 39th in the worldwide crypto ranking order, with market domination of 0.19 percent, suggesting a significant control over the metaverse ecosystem’s metamorphosing metaverse ecosystem.
Analyst Bullish for MANA
Crypto publication Coin Bureau’s pseudonymous host is giving price information on altcoin MANA, the native token of virtual gaming world Decentraland.
Guy, a YouTube analyst, explains why MANA is holding steady despite what he considers an “unsustainable rise” following Facebook’s recent Meta rebranding announcement, which sent numerous metaverse-related cryptos surging in a new video.
The Analyst Outlines Five Important Reasons Why the Token’s Price Is Holding Steady.
Institutional Demand
He explains that the rest of the crypto market is still on the upswing. Most significantly, Bitcoin’s supremacy is waning, which means money is shifting to altcoins like MANA.
Since March of this year, the amount of money held in Decentraland’s Grayscale Trust has more than doubled. This indicates that Decentraland is in high demand among institutions.
NFTs, virtual events – Strength for MANA
Trading of non-fungible tokens (NFTs), virtual events, and the game’s decentralized gambling casinos are also highlighted by the analyst as sources of the project’s strength.
Decentraland is “the first-ever virtual environment controlled by its users,” according to the project’s website.
He explains that Decentraland is run by the DAO which controls Decentraland’s most essential smart contracts and assets: the LAND Contract, Estates Contract, Wearables, Content Servers, and Marketplace.
Future Plans
Guy then goes into detail on Decentraland’s suggested method for attaining interoperability with other metaverses, which he describes as “a game-changer.”
He points out that it aims to connect Decentraland’s metaverse to at least four other crypto-metaverse planets.
There are no specific deadlines for this plan, but if it fulfills its promises, it will be a game-changer for metaverse cryptocurrencies, he adds.
Previous Growth
He says that the strange thing is that, while being one of the oldest metaverse initiatives, Decentraland is still in its infancy. It’s incredible to see that progress is being made despite all of the obstacles the project has faced in the public eye and behind the scenes.
It’s definitely on the right track, and while MANA may be overvalued in comparison to Decentraland’s fundamentals now, that won’t be the case tomorrow.
Original Source :coinpedia.org
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