An unknown whale just transferred 9 million MANA tokens worth $51,103 (approximately Rs 38 lakh) to another anonymous account. Interest in Metaverse has driven valuations for the token in the world of Decentraland aka MANA higher, and increased interest in this and non-fungible (NFT) token could help drive push the token to make big gains over the next few months.
According to data from CoinGecko, Decentraland’s MANA token has gained around 66.6% in the past seven trading days. It currently has a market capitalization of around $7.48 billion (approximately Rs 55,755.38) and is the 30th largest cryptocurrency by market capitalization.
In essence, similar to Sandbox and Axie Infinity, Decentraland is a metaverse built on the Ethereum blockchain that allows users to buy, equip and sell land in its virtual world. Metaverse has quickly become one of the hottest topics in the tech world, and increased interest and investment in the space is creating a bullish catalyst for the MANA token.
The overall crypto space remains extremely volatile and the sell-offs are significant for Bitcoin, Etherand other major tokens over the past week underscore the fact that massive price swings are the norm even as mainstream crypto adoption is on the rise. On the other hand, Decentraland and MANA have compelling use cases, and cryptocurrencies backed by promising features and services can still make a big profit even as the broader market is struggling. face downward pressure. MANA remains a very high-risk investment, but with the metaverse revolution seemingly just starting to heat up, it wouldn’t be surprising to see the token rise significantly above current prices.
Data from Whalestats also shows that the largest Ethreum whales on record have turned their attention to gaming projects for money like Decentraland and Gala, which is also an Ethereum-based metaverse altcoin that has grown in value after upon its recent listing on Coinbase.
