An unidentified whale just transferred 9 million MANA tokens worth $51,103 (approximately Rs. 38 lakh) to another anonymous account. Surging interest in this and non-fungible tokens (NFTs) might potentially propel the token to post huge gains over the next few months, thanks to interest in the Metaverse.
Decentraland’s MANA cryptocurrency has risen 66.6 percent in the previous seven days, according to CoinGecko statistics. It is presently the 30th most valuable cryptocurrency, with a market capitalization of $7.48 billion (approximately Rs. 55,755.38 crores).
Decentraland is a metaverse based on the Ethereum blockchain that allows users to buy, sell, and equip land in its virtual environment, similar to The Sandbox and Axie Infinity. The metaverse has swiftly become one of the trendiest subjects in technology, generating positive catalysts for the MANA coin.
The general cryptocurrency market remains very volatile, with massive sell-offs for Bitcoin, Ether, and other key tokens during the last week demonstrating that large price fluctuations are the norm, even as mainstream usage of crypto increases. Decentraland and MANA, on the other hand, offer compelling use cases, and cryptocurrencies with promising features and services can still see significant increases even if the larger market is under pressure. MANA is still an extremely risky investment, but with the metaverse revolution just getting started, it wouldn’t be shocking to see the token rise much above current prices.
According to Whalestats, the world’s largest Ethereum whales have been shifting their focus to play-to-earn gaming projects like Decentraland and Gala, an Ethereum-based metaverse cryptocurrency that has seen a jump in value following its recent Coinbase listing.