The Rise of the Decentraland Coin: MANA
Mana price today is $4.66.
Mana CoinMarketCap ranking is #23.
Mana climbs to an 0.33% Market Dominance.
In the last couple of weeks, Decentraland (MANA) has experienced a steady increase – at least a 400% growth in market cap.
Though this bull run may seem unexpected, but not to the crypto enthusiasts that keep track of development in the world of virtual reality. It was well anticipated.
The rise experienced by Decentraland is partly linked to the announcement made by the Facebook CEO. Mark Zuckerburg had announced his company’s change of name. This development was to bring all of the company’s apps and technology under one umbrella name – Meta.
If you are wondering what this change has got to do with MANA, let’s give a quick explanation.
Metaverse is a technology that runs largely on virtual reality. Metaverse is aiming at taking all the elements of the physical world and creating a virtual replica of them.
Similarly, MANA is an Ethereum based token that powers the Decentraland virtual reality world. MANA coin is used to pay for goods and services (such as plots of land) in Decentraland.
With this shift, Decentraland (MANA) is only expected to experience a long steady and continuous growth.
Mana / TetherUS daily candlestick chart (source: TradingView)
Mana has a total supply of 2,193,977,827, with a circulating supply of 1,824,612,835. The current market cap is $8.6 billion.
According to CoinMarketCap, Mana had its all-time high on the 25th of November. It peaked at $5.90 after a 3-days bull run from $3.6594.
Considering that the coin’s all-time low is $0.007883 (Oct 13, 2017) that means Mana has literally experienced a smashing 59,067.56% increase since it was created.
Summary
We believe Mana is not just like any other regular altcoin. It has good use cases and a considerable amount of the coin is burnt every time transactions are made on the Decentraland.
