Decentraland started off the year with a price level of $0.078. The cryptocurrency picked up the bullish momentum as the new year started and surged upwards. The bull run of 2021 helped most of the cryptocurrencies reach towards new heights and Decentraland was also one of them. MANA coin established its new all-time high at $1.63 – gaining by nearly 2,000%. The price, as expected, fell drastically as the market crashed. MANA nearly reversed most of its gains and dropped to $0.49. As the market tanked, the bulls once again began to renew the bullish momentum.
Decentraland has begun moving upwards – although with increased volatility. At the time of writing, MANA stands at a price level of $1.03. The cryptocurrency has gained by 11% in the daily timeframe while the weekly performance is up by 14%. The daily trading volume has shot up by more than 300%.
What is Decentraland?
Decentraland is a virtual world based on the blockchain technology. The network was created in 2016 as an experimental 2D virtual reality network. However, it has come a long way ever since. It is now a full-fledged 3D world incorporating the newer technologies. The project was developed by Estaband Ordano and Ari Meilich. The digital space contains real estate plots of land, artwork, and non-fungible tokens that can be traded.
What sets Decentraland apart from other virtual reality and blockchain-based games is that it empowers users. In the space, users have power over the governance and can participate in the decentralized autonomous organization (DAO). Token holders have voting rights and have a say in the organizational policies of the network.
MANA is Decentraland’s ERC-20 token. Users can lock their MANA tokens into the DAO by converting it into wrapped MANA (wMANA). Each wMANA represents one vote in proposals. The digital assets on the network are ERC-721 non-fungible tokens. LAND is the NFT token on the network which represents the plots of land owned by users. LAND does not need to be locked into the DAO and one token represents two thousand votes.
MANA price predictions
Gaming tokens have recently been experiencing a recent surge. The race was led by Ethereum-based Axie Infinity but other gaming tokens also followed suit. The surge has attracted a lot of investors to the blockchain gaming space and Decentraland is expected to benefit from the attention. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $1.755 in a year’s time while the five-year projection places MANA at $5.169. Digital Coin Price projects a similar bullish trend with the price in 2026 expected to be at $3.5.
