Decentraland Price Up By 6.52% – Time To Buy Decentraland Coin
The crypto market has rallied in the past couple of weeks, and the popular virtual reality blockchain Decentraland has been one of the best performers in this bull market. With the platform becoming a favored choice for major brands, more investors are trying to buy MANA before it becomes pricey.
Decentraland: Enabling A Virtual Reality World
Decentraland started in 2017 with the singular purpose of providing users with a virtual world where they own, operate, and trade virtual assets.
Built on the popular decentralized applications (dapps) facilitator, Ethereum, Decentraland has become very popular with crypto enthusiasts allowing them to create, experience, and monetize the content they make and applications they build.
Here, users buy and sell plots of lands depicted as non-fungible tokens (NFTs) in the virtual world. Decentraland’s ultimate mission is to create a free-market economy in a virtual space where users get to do things they love with blockchain technology.
Built into the blockchain framework is Decentral Games, a sort of Metaverse owned and monetized by users. However, a limited parcel of land is available in this virtual real estate as users can only build on 90,601 individual plots. These plots are represented by a non-fungible ERC-721 token called LAND, representing a user’s stake in the Metaverse.
Aside from the LAND token, Decentraland also utilizes a utility token called MANA. This is more of the ERC-20 genre, and users can use it to complete several transactions on the network.
Also, MANA token holders get to participate in governance decisions as Decentraland runs a novel decentralized autonomous organization (DAO).
In the last few weeks, Decentraland has been taking giant strides, and with the boom in the NFT sub-sector, the blockchain platform is becoming more popular by the day. Businesses are also keying into the NFT services that Decentraland offers, with several creating adverts on the platform.
MANA Price Going For A Bargain
If anyone had said that Bitcoin would become the centerpiece for the next generation of financial services in 2009, many people would not believe it.
But today, the crypto bellwether dictates the tune of the crypto market as several digital assets are tied to the hip of Bitcoin. This is true with the MANA token. In 2017, the ERC-20 token traded for $0.025 and continued trading below the 7 cent mark till the end of 2020.
However, with the global economy at a standstill and the financial markets performing poorly, investors started looking towards virtual currencies like Bitcoin and altcoins.
MANA token rallied, with BTC, surging to $1.05 on March 15, 2021. The virtual currency dipped 0.5% a few days later but regained to $1.1544 on March 28. MANA’s big break came on May 7 when the digital asset surged to an all-time high (ATH) of $1.60.
However, the crypto market crash saw MANA dip below the $1 mark, with the digital token dropping to $0.5178 on July 20. MANA has broken through the bear ranks and is on an uptrend currently.
The digital asset is up 6.52% and is trading at $0.9236. Weekly gains stand at 20.55%, and this rally should serve as a signal to buy MANA.
MANA Technical And Fundamental Analysis
On the technical front, MANA’s position is showing bullish strength. The digital asset is trading above the 20-day moving average (MA) support price of $0.8374. The 200-day MA is also looking good, with MANA breaking above the indicator at $0.8021.
The relative strength index (RSI) stands at a healthy 59.51, which means more investors want to buy MANA.
Decentraland has become a key entry point for companies to leverage the blockchain ecosystem to promote their brands to customers. One of the latest brands to partner with Decentraland is soft drinks giant Coca-Cola. The trillion-dollar company announced its first-ever NFT collectible on Decentraland to celebrate International Friendship Day.
Also, Decentraland launched the first-ever virtual music festival on July 8, showing that the blockchain space is rapidly evolving, and Decentraland has a role to play in the space.