• Decentraland (MANA) price rose more than 10% in the past 24 hours to trade near $0.54.
• The spike in the spot price of the MANA token came as bulls extended the rally that began around 12 May when MANA/USD sprung from below $0.43.
• Recent activity and announcements such as a partnership for a gamified store with NFTLabs, and an upcoming metaverse party with DJ Dillion Francis could be driving investor interest in Decentraland.
What is Decentraland?
Decentraland is a virtual world platform on the Ethereum blockchain that allows users to create, experience, and monetize content and applications. It is powered by its native cryptocurrency, MANA, which enables users to purchase land within the platform’s virtual world and other digital goods and services provided by its developers.
Recent Price Movement of MANA
The price of Decentraland (MANA) traded to highs near $0.54 today after surging more than 10% in the past 24 hours. The token’s upside did coincide with the overall bullish uptick across the crypto market as Bitcoin price rose from below $26,000 to retest resistance near $28k. Ethereum price also held impressively above $1,800 as the broader crypto market resumed a positive outlook.
Why Did Decentraland Price Soar?
Recent activity and announcements are likely behind the token’s surge including partnerships for a gamified store with NFTLabs, and an upcoming metaverse party with popular DJ Dillion Francis on 19 May 2023. As for MANA price, potential buy demand is also likely driven by recent successes Ripple had scored in its battle with SEC which drove XRP up significantly on Wednesday 16th May 2023 .
What Is Next For Decentraland Price?
In terms of MANA price, investors seem to be taking on new bullish outlook for metaverse industry despite setbacks from tech giants like Mark Zuckerberg’s Meta project recently reported.. This suggests that despite these developments , investors remain optimistic about potential growth opportunities within this space .
Overall it appears that investor interest in Decentalnd has been driven by positive sentiment catalyzed by recent events such as partnerships activites , successful legal battles won by Ripple (XRP) etc.. This could continue to fuel buying pressure on DecentraLand’s native coin – MANA – however profit taking deals may limit further upside gains .