Decentraland (MANA) Swells 55% – Are Metaverse Tokens Back?
MANA is the native token of the Decentraland ecosystem which, as the time of writing, has seen growth enough to recoup losses post-FTX collapse. According to CoinGecko, the token is up 55% in the weekly timeframe with the biggest gains made during the monthly time frame at 105%.
With 2023 showing a renewed interest in crypto, Decentraland has a lot to unpack this month for users, traders, and investors as they released their manifesto detailing plans to improve user experience and making it easier for creators to enter the world of the metaverse with ease.
The Decentraland Manifesto
The Decentraland team recently posted on their blog about how this year would be the “Year of Creators.” According to Decentraland, it will continue its mission it set itself from the start of 2017: to establish a decentralized platform where users can help build and grow.
The blog post said:
“Decentraland, anyone can extend the capabilities of the virtual world’s platform, audit it, contribute to it, and build on top of it—all the code is open source. To that end, in 2023 Decentraland will continue to be developed as a public good in the era of the internet.”
The manifesto detailed several goals that the ecosystem wants to achieve this year. Namely, the developers aim to achieve a better environment for creators, to make Decentraland more fun, and to make the performance of the ecosystem better. This would drive the platform to become a dominant player in the metaverse space.
In the 18 months since its birth, Decentraland’s DAO has developed into a basic decision-making system for high-level deliberations concerning the Decentraland ecosystem and the metaverse in general.
In order to address the growing demand for governance and stewardship of progressive decentralization, the DAO’s procedures and processes have continued to expand with the community’s increasing self-governance experience and strength, according to the manifesto.
What Does This Mean For MANA?
As the time of writing, MANA is changing hands at $0.6210 with the token being rejected at $0.7567. This led to the token retesting its current support at $0.6352 which, if broken, could lead the bears to test further support ranges in the next few days or weeks.
If the token buckles under the rejection, we might see MANA at $0.5397 support which could easily be breached. However, with the detailed roadmap provided by the devs, MANA will have a strong enough investor sentiment that it will retest $0.7567 once the rejection reaches its bottom.
MANA total market cap at $1.1 billion on the daily chart | Chart: TradingView.com
Investors and traders should brace for short to mid term volatility as the token tries to consolidate above $0.6352. If MANA bulls are successful in entrenching the token above $0.6352, investors and traders will have another chance to target $0.7567 or higher.
As the development of Decentraland continues, expect MANA to reach new highs this year.
Featured image by Coinspeaker
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