Here’s why Decentraland’s cryptocurrency is jumping today

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What happened

Despite significant sales for Bitcoin, Ethereum, and most major altcoins today, Decentraland’s MANA token (CRYPTO: MANA) is making big gains. The cryptocurrency has risen by around 13% in the last 24 hours of trading at 1:30 p.m. ET.

The excitement surrounding the Metaverse has been building up lately, and it seems to be pushing the value of Decentraland’s token up. MANA is the cryptocurrency used for transactions in Decentraland’s 3D virtual world, and the growing interest in the metaverse and non-fungible tokens could help it show bigger gains.

Image source: Getty Images.

So what

Decentraland’s MANA token has jumped around 37% in the last seven trading days. It now has a market cap of around $ 6.5 billion and is the 29th largest cryptocurrency by market cap.

Decentraland is a metaverse built on the Ethereum blockchain that allows users to buy, equip, and sell land in its virtual world. The metaverse has quickly become one of the hottest topics in the tech world, and growing interest and investment in the space is creating bullish catalysts for the MANA token.

Now what

The global cryptocurrency space remains extremely volatile, and the massive sales of Bitcoin, Ethereum, and other major tokens over the past week underscore that sharp price swings are the norm. On the flip side, Decentraland and MANA have some intriguing use cases, and cryptocurrencies that are backed by promising features and services can still register big gains even if the broader market faces pressures. bearish. MANA remains a very high risk investment, but with the metaverse revolution just starting to heat up, it also wouldn’t be surprising to see the token rise significantly above current price levels.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are heterogeneous! Questioning an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

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