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Decentraland (MANA) up 10%, Here Are Possible Triggers

Wed, 05/17/2023 - 10:21
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Godfrey Benjamin
Decentraland (MANA) helped fuel recovery of metaverse tokens
Decentraland (MANA) up 10%, Here Are Possible Triggers
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Decentraland (MANA) is visibly leading the altcoin charge today following its meteoric price growth over the past 24 hours. Within that time frame, the metaverse-focused token has jumped by 10.26% atop a spot price of $0.5193, sending a very bullish signal to the broader ecosystem that imbued utility can always propel a token to new heights.

MANA is a high flier, however, the crypto winter has significantly battered the digital currency such that it has plunged below its all-time high (ATH) price by more than 91%. While the current uptick in price is far from fitting to help it return back to its winning ways, it is notably a source of motivation to most community members who may believe the token has little or no room left to grow.

The triggers of this current upsurge are not far-fetched and based on the sentiment that Decentraland is still committed to its metaverse initiatives across the board. The protocol revealed a number of new integrations, including a gamified store from NFTLabs, and the May 19 metaverse party with popular DJ Dillion Francis.

The current ecosystem activities of Decentraland can be considered a reawakening for community members to keep faith in the project's long-term prospects.

Decentraland DAO Issues $1 Million in MANA to Support ICE Liquidity

Are metaverse tokens returning to spotlight?

Prior to the emergence of the crypto winter, metaverse tokens took center stage in the ever-dynamic digital currency evolution. With Decentraland, The Sandbox (SAND) and Axie Infinity (AXS) chief among innovative altcoins launched at the time, the luster of these assets faded over the course of the past few months.

While MANA is up 10%, Axie Infinity has jumped 14% to $7.78, while The Sandbox is changing hands at $0.5333, up by 5.82% over the past 24 hours. The current growth while Bitcoin (BTC) and other top altcoins are down is an indication that the spotlight may be returning to metaverse coins.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.