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Highlights
- MANA, which primarily was used for buying and selling virtual land, registered a rally of 2.38% with a huge jump in the trading volume.
- On Wednesday, it was trading at US$2.60 with a 24-hour trading volume of US $1,644,009,313 as per CoinMarketCap.
Decentraland (MANA) on Wednesday witnessed a massive movement, tailing the Altcoins bull run of late. Ever since Facebook renamed itself to Meta, the tokens in the metaverse such as The Sandbox, MANA etc. have gained momentum.
MANA, which largely was used for buying and selling virtual land, registered a rally of 2.38%, with a huge jump in the trading volume of 78.96% at the time of writing (BST 1:45 pm).
How long can the Decentraland (MANA) rally last?
The spike is backed primarily by Satoshi Legions, which welcomed Decentraland as the second member of the 100. The Satoshi Legions community owns the land in Decentraland, wherein users have full control over their creations. The users can create their land on the virtual platform and play games with other users.
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On Wednesday, it was trading at US$2.60 with a 24-hour trading volume of US $1,644,009,313 as per CoinMarketCap. The 45th-ranked crypto had a live market cap of US$4,730,685,540 with a circulating supply of 1,816,927,791 MANA coins.
What is Decentraland (MANA)?
Founded by Ariel Meilich and Esteban Ordano, Decentraland has garnered a huge amount of interest due to its ability to provide a wide range of experiences on its parcels of LAND. Using two tokens MANA and LAND, has captured the gamers' imagination as a blockchain-based virtual reality platform wherein the users can purchase digital real estate. Besides, one can also travel through, build upon, and monetise the plots, and can trade using its Decentraland's in-game cryptocurrency token.
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Decentraland constitutes of 90,601 individual parcels of LAND, each run by an ERC-721 non-fungible token. This is the USP of the token, as one can drive the value of land up by combining enhancements like artwork or fun activities.
According to the MANA website, the work to launch a crypto coin began in December 2015. The beta version was launched in 2017, and it was finally available for trading from February 2020.
Conclusion
MANA has enjoyed a bullish runoff late and has attracted many investors. The Facebook renaming was a big bump to metaverse coins such as Axie Infinity, MANA, The Sandbox, and in the past few weeks, it has been getting strong traction in the market, allowing investors to make the most of this bullish trend. Experts believe that it would be the right time to invest in the token as the rally could see them breaking into the top-30 cryptos in the near future.
