An unknown whale has just moved 9 million MANA tokens worth $51,103 (roughly Rs. 38 lakh) to another anonymous account. Interest on the Metaverse has been driving the valuation for Decentraland's in-world token aka MANA higher, and surging interest in this and non-fungible tokens (NFTs) could help push the token to post big gains over the next few months.
As per data from CoinGecko, Decentraland's MANA token has surged roughly 66.6 percent over the last seven days of trading. It now has a market capitalisation of roughly $7.48 billion (roughly Rs. 55,755.38 crore) and stands as the 30th largest cryptocurrency by market cap.
Similar in essence to The Sandbox and Axie Infinity, Decentraland is a metaverse built on the Ethereum blockchain that allows users to purchase, outfit, and sell land in its virtual world. The metaverse has quickly become one of the hottest topics in the tech world, and surging interest and investment in the space is creating bullish catalysts for the MANA token.
The overall cryptocurrency space remains extremely volatile, and significant sell-offs for Bitcoin, Ether, and other major tokens over the past week highlights the fact that big price swings are the norm even when mainstream adoption of crypto is on the rise. On the other hand, Decentraland and MANA have intriguing use cases, and cryptocurrencies that are backed by promising features and services can still post big gains even if the broader market is facing bearish pressures. MANA remains a very high-risk investment, but with the metaverse revolution seemingly just starting to heat up, it also wouldn't be surprising to see the token climb significantly above current pricing levels.
Data from Whalestats also show that the biggest Ethreum whales on record have been moving their attention toward play-to-earn gaming projects like Decentraland and Gala, which is also an Ethereum-based metaverse altcoin that has surged in value after a recent listing on Coinbase.