Home
News
Crypto market appeared to be struggling since last year but 2023 is bringing warmth to the sector as the industry starts to show an uptrend. Bitcoin (BTC) was seen touching the $21,000 mark while Ethereum (ETH) surpassed the $1,500 mark. Metaverse tokens remained immune to the crypto winter in 2022 which means that the boom today added a boost to the space. Decentraland (MANA) was up by over 34% in the past 24 hours, while The Sandbox (SAND) gained more than 17%.
Recent surge in MANA came following the latest update which claims to improve social features in the game. This includes a new user profile, avatar highlight, differentiated name tags and more. In October 2022, the company announced the Genesis City project which will offer the users a birds eye view of the entire map.
Simple updates have helped decentraland to attract a lot of users over time. Moreover, the project has landed partnerships from industry mammoths including Samsung, UPS and more. Last year, DappRadar, a data aggregator, reported that decentraland has only 38 daily active users on the network. However, the company reported that the application is tracking only certain smart contracts and revealed that the network actually has 8,000 DAUs.
Decentraland (MANA) Price Action
The crypto has lost over 80% of value since the previous year’s high of $3.55 in February. Majority of the asset’s value was slashed by May 2022, which eventually led MANA to trade close to $1. An uptrend is visible during July, leading over 25% downfall in the price.
A consolidation period sustained till November 2022 with support levels at $0.58 and resistance at $0.84. Same pattern followed, this time with an around $35% plunge with the price closing at $0.296 by year’s end. The ecosystem entered the new year with a boom with the asset’s value rising by over 110% since the beginning of 2023. The sudden increase caused bollinger bands to lengthen at extreme, indicating potentially heavy volatility MANA.
Metaverse is becoming a growing phenomena although it has not gone mainstream. Currently, Roblox Corporation remains the only platform that has attracted a major number of users on their platform with 58.8 Million users to this date. This week proved flourishing for the metaverse sector as tokens including APE, AXS, ENJ, ILV and more gained by over 25%.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
