Cointime

Download App
iOS & Android

Decentraland (MANA) Swells 55% – Are Metaverse Tokens Back?

MANA is the native token of the Decentraland ecosystem which, as the time of writing, has seen growth enough to recoup losses post-FTX collapse. According to CoinGecko, the token is up 55% in the weekly timeframe with the biggest gains made during the monthly time frame at 105%. 

With 2023 showing a renewed interest in crypto, Decentraland has a lot to unpack this month for users, traders, and investors as they released their manifesto detailing plans to improve user experience and making it easier for creators to enter the world of the metaverse with ease.

The Decentraland Manifesto

The Decentraland team recently posted on their blog about how this year would be the “Year of Creators.” According to Decentraland, it will continue its mission it set itself from the start of 2017: to establish a decentralized platform where users can help build and grow.

The blog post said:

“Decentraland, anyone can extend the capabilities of the virtual world’s platform, audit it, contribute to it, and build on top of it—all the code is open source. To that end, in 2023 Decentraland will continue to be developed as a public good in the era of the internet.” 

The manifesto detailed several goals that the ecosystem wants to achieve this year. Namely, the developers aim to achieve a better environment for creators, to make Decentraland more fun, and to make the performance of the ecosystem better. This would drive the platform to become a dominant player in the metaverse space. 

In the 18 months since its birth, Decentraland’s DAO has developed into a basic decision-making system for high-level deliberations concerning the Decentraland ecosystem and the metaverse in general.

In order to address the growing demand for governance and stewardship of progressive decentralization, the DAO’s procedures and processes have continued to expand with the community’s increasing self-governance experience and strength, according to the manifesto.

What Does This Mean For MANA?

As the time of writing, MANA is changing hands at $0.6210 with the token being rejected at $0.7567. This led to the token retesting its current support at $0.6352 which, if broken, could lead the bears to test further support ranges in the next few days or weeks. 

If the token buckles under the rejection, we might see MANA at $0.5397 support which could easily be breached. However, with the detailed roadmap provided by the devs, MANA will have a strong enough investor sentiment that it will retest $0.7567 once the rejection reaches its bottom. 

Investors and traders should brace for short to mid term volatility as the token tries to consolidate above $0.6352. If MANA bulls are successful in entrenching the token above $0.6352, investors and traders will have another chance to target $0.7567 or higher. 

As the development of Decentraland continues, expect MANA to reach new highs this year. 

Comments

All Comments

Recommended for you

  • Paribu wallet address transferred more than 4 trillion PEPE, worth about 31 million US dollars

    According to Whale Alert monitoring, the Paribu wallet address transferred 4,049,371,347,309 PEPE tokens worth approximately $31,091,073 via the Ethereum blockchain at around 17:20 today, and all tokens were transferred to an address starting with "0xa23c".

  • Huaxia Virtual Asset ETF's AUM exceeds HK$1 billion, while Bosera and Harvest AUM both exceed HK$500 million

    According to the latest virtual asset ETF asset management scale data from HKEX as of May 3rd:1. Huaxia Ether ETF has an asset management scale of HKD 146.16 million, and Huaxia Bitcoin ETF has reached HKD 880.25 million, with a total amount exceeding HKD 1 billion, reaching HKD 1.02641 billion;2. Bosera HashKey Ether ETF has an asset management scale of HKD 96.59 million, and Bosera HashKey Bitcoin ETF has reached HKD 478.09 million, with a total of HKD 574.58 million;3. Harvest Ether ETF has an asset management scale of HKD 89.97 million, and the encrypted Bitcoin ETF has reached HKD 449.39 million, with a total of HKD 539.36 million.

  • FRIEND fell below $3, and the ecosystem TVL dropped to the $30 million range

    According to DexScreener data, the trading price of friend.tech tokens has fallen below $3 and is currently at $2.31. The current circulating supply is approximately 14.5 million. According to DeFiLlama data, the friend.tech ecosystem's TVL has dropped to the $30 million range, with a 13.6% decline over the past 7 days. Friend.tech was launched on the Ethereum Layer 2 network Base in August of last year. The ecosystem's TVL had once surpassed $50 million and is currently the 9th largest protocol on the Base chain.

  • Animoca Brands: MOCA token distribution is planned to take place around May 24

    Animoca Brands officially announced that the distribution of MOCA tokens is planned to take place around May 24th. The token release information includes:

  • NFT lending platform Blend’s total transaction volume exceeded US$6 billion, with more than 650,000 loans

    The latest data from Dune shows that the total transaction volume of Blend, an NFT lending platform under Blur, has exceeded 6 billion US dollars, reaching 6,048,459,706 US dollars at the time of writing, with a total of 659,353 loans; the total number of independent borrowing users is 10,458, and the total number of independent lending users is 4,447. The current total active loan amount is 3,347, with an active loan amount of approximately 6,013 ETH.

  • Yuga Labs will migrate the Otherside metaverse to Improbable’s Msquared

    Yuga Labs and Improbable announced the migration of Otherside Metaverse to Improbable's Msquared, which is Improbable's interconnected Metaverse network. By rebuilding Otherside, Yuga Labs will provide the community with the ability to build in large-scale environments and interoperability. Improbable and Yuga Labs also announced other news about the development of Otherside, including a large multiplayer game event in July and the launch of Otherside development toolkit World Builder ODK.

  • friend.tech has opened airdrop token applications, FRIEND is currently priced at $3.34

    According to the official website, friend.tech has opened up the airdrop of the token FRIEND for claiming, with FRIEND currently priced at $3.34. Previously reported, friend.tech will release version 2 and conduct an airdrop on May 3rd.

  • The 133rd Ethereum ACDC meeting: The goal is to complete the devnet within 7-10 days

    The Ethereum developers held their 133rd ACDC conference call. First, they outlined the latest research on Ethereum protocol confirmation rules. Then, they discussed Pectra updates related to EIP-7547 and CFI states, and decided to put them on hold temporarily. They also updated the v1.5.0-alpha.1 specification. Regarding the implementation updates for devnet-0, most teams are making progress, but there are also some unexpected complexities. The goal is to complete devnet within 7-10 days.

  • The Bitcoin-native stablecoin bitSmiley Alphanet V1 Surpasses $24M TVL in 24 Hours!

    In a remarkable achievement, bitSmiley's Alphanet V1 skyrocketed to over $24 million in TVL within just 24 hours of its launch with over 6 million bitUSD stablecoins minted through over-collateralization. bitSmiley stands as a pioneering initiative, introducing stablecoins by over-collateralizing Bitcoin.

  • Securitize raises $47M in funding led by BlackRock to enhance innovation and expansion in digital asset securities ecosystem

    Miami-based company Securitize, which specializes in tokenizing real-world assets, has raised $47 million in funding. The round was led by BlackRock, with participation from Hamilton Lane, ParaFi Capital, Tradeweb Markets, Aptos Labs, Circle, and Paxos. The funds will be used to enhance the company's innovation and expansion as it consolidates its position in the digital asset securities ecosystem. BlackRock's first tokenized fund, the BlackRock USD Institutional Digital Liquidity Fund, has also been launched on Ethereum and is available to investors by subscribing to the fund with Securitize.