Decentraland’s MANA, the native token that fuels the Ethereum blockchain-powered virtual world where users can create, experience, and monetize content and applications, has declined by 75% over the last two quarters. Consider this – MANA’s price has fallen from $2.7 to $0.69 within this period, with the larger market battling the after-effects of Celsius and […]
blockchain-powered virtual world where users can create, experience, and monetize content and applications, has declined by 75% over the last two quarters.
Consider this – MANA’s price has fallen from $2.7 to $0.69 within this period, with the larger market battling the after-effects of Celsius and Terra’s collapse and bearish macroeconomic conditions.There is no denying the fact that general interest in Metaverse-based projects has dropped. No thanks to the persistent decline in the general cryptocurrency market and tightening conditions in the broader financial markets.
Interestingly, addresses that held between 1000 to 100,000 MANA tokens have increased their accumulation within the same period. However, this category of holders has been unable to muster enough buying pressure required to drive up the price of the asset.
Thanks to the lack of pressure required to initiate a significant rally in the price of MANA, the count for daily traders also fell. For context, since the collapse of Terra, the count of daily active addresses that have since traded MANA has fallen by 66%.Finally, over a 180-day average, a sizeable number of MANA investors have called in losses – A finding further underlining the state of the MANA market at this point.Subscribe to get it daily in your inbox.
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