An unknown whale has just moved 9 million MANA tokens worth $ 51,103 (about 38 lakh) to another anonymous account. Interest in the Metaverse has skyrocketed the valuation for Decentraland’s in-world tokens, also known as MANA, and growing interest in this and non-fungible tokens (NFTs) could help the token over the next several months made big profits.
According to data from CoinGecko, Decentraland’s MANA token has increased by around 66.6 percent in the past seven trading days. It now has a market capitalization of around $ 7.48 billion (around 55,755.38 billion rupees) and ranks 30th among cryptocurrencies by market capitalization.
Essentially similar to The Sandbox and Axie Infinity, Decentraland is a metaverse based on the Ethereum blockchain that enables users to buy, equip, and sell land in its virtual world. The metaverse has quickly become one of the hottest topics in the tech world, and the growing interest and investment in this area is creating bullish catalysts for the MANA token.
The entire cryptocurrency space remains extremely volatile, and significant sell-offs on Bitcoin, Ether, and other major tokens in the past week underscore the fact that large price volatility is the norm, even as mainstream adoption of crypto increases. Decentraland and MANA, on the other hand, have fascinating use cases, and cryptocurrencies backed by promising features and services can still make big profits even as the broader market faces declining pressures. MANA remains a very risky investment, but since the Metaverse revolution seems to be only just warming up, it wouldn’t be surprising that the token climbs well above the current price level.
Data from Whalestats also shows that the largest Ethreum whales ever recorded have turned their attention to gaming projects like Decentraland and Gala, which are also an Ethereum-based metaverse altcoin that has appreciated in value after a recent listing on Coinbase.
Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.
Follow Gadgets 360 on Twitter, Facebook, and Google News for the latest technical news and reviews. Subscribe to our YouTube channel for the latest gadget and tech videos.
Shomik is the senior editor at Gadgets 360. As someone who has explored the consumer tech space for the past four years, his focus is now on the crypto verse. When he’s not converting currency values in his head, you might find him in an intense five-player soccer game or the newest Destiny 2 Weekly Challenge on his Xbox. You can reach him for tips or questions at ShomikB@ndtv.com. More Best Headphones & Earphones in India 2021