MANA price prediction: Can Decentraland cross double-digit?

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 MANA price prediction: Can Decentraland cross double-digit?
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Highlights

  • MANA is one of the biggest metaverse tokens, and it gave good returns in 2021
  • As of now, it is trading below its ATH, but since cryptos are volatile, nothing is certain
  • Facebook’s meta launch in the near future may bring back bulls in all meta coins like MANA

Metaverse tokens are one of the hottest investment assets for crypto enthusiasts these days. During the last couple of months of 2021, gaming coins attracted immense inflows. One of the biggest metaverse tokens is Decentraland.

What is Decentraland and MANA?

The project is a combination of blockchain gaming, non-fungible tokens (NFTs), a native token and a decentralized underpinning with governance in the hands of users.

MANA serves as the native as well as governance token of the platform. Based on Ethereum, MANA is one of the largest traded ERC-20 tokens by volume. Decentraland lets users acquire real estate on its metaverse, which is termed as ‘LAND’. LAND is underpinned by NFT attributes, which is making the virtual real estate a hot asset.

Also read: The top crypto gainers of 2021, and a couple of underperformers

MANA price variations

Though MANA is a high market cap cryptocurrency, its value can fluctuate heavily.

The over US$5 billion market cap MANA started 2022 with a price of US$3.2. As of now, it trades at approximately US$2.9. In late-November 2021, the price of MANA had peaked to US$5.4.

Image description: MANA price variation

Data provided by CoinMarketCap.com

MANA price prediction

MANA price movement is not a product of speculation alone. In 2021, one of the reasons why it rose so sharply was Facebook’s entry into metaverse. Decentraland is a blockchain-powered virtual world. Here, many elements like digital assets, gaming expeditions, and a fictional setting resemble metaverse.

It is no coincidence that the sharpest rally in MANA was observed soon after Zuckerberg announced a shift to Meta in late October. MANA rose almost 400 per cent in just three days after the news.

Also read: What is Crypto Skulls NFT? Does it make a good investment?

MANA may have immense potential to quickly regain lost ground, but the wider bearish trend in crypto world may be the hurdle right now. By the end of this month, MANA might be able to at least stabilize at over US$3 price. By the end of quarter one, MANA may even enter double-digit price territory, but for this to happen, its gaming verse will have to demonstrate more potential and edge over competitors.

Craze for meta tokens and virtual assets

MANA, AXS, and SAND rode the metaverse wave to give their backers good returns.

Lately, investors have also focused on purchasing virtual assets like parcels of land, even petrol pumps and shops in a fictional gaming world. Virtual real estate deals are even outshining real world deals. In Decentraland’s gaming world, a piece of land has exchanged hands for over nearly US$2.4 million.

Virtual assets like gas stations also have the potential to let their owners earn recurring revenue. This is in stark contrast to crypto assets, which must be usually sold to book capital gains.

The most appealing part of metaverse tokens like MANA is they allow ownership of in-house NFTs.

Also read: Cryptocurrencies vs. stock market: What can be the best pick for 2022?

Bottom line

MANA may have lost value over the past few months, but prospects may not be negative. It is a likely possibility that once Facebook launches its metaverse, meta tokens like MANA might undergo another round of sharp rally. That said, all cryptos including meta tokens are volatile, and the investor must always exercise caution, besides remaining informed about any new developments.

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