Cryptocurrency

Decentraland shoots up 73% to pre-FTX collapse level

Hull Invest

Decentraland (MANA) posted strong performance over the past week, growing from 73% to $0.7090 on press. This is just below MANA’s pre-FTX collapse price of $0.7137.

Since January 2008, the total market capitalization of cryptocurrencies has grown significantly, adding $156 billion, triggering a spike in token prices across the board.

Among the Top 100 projects during this period, Aptos experienced the most significant price increase, rising 77%, followed by Decentraland, followed by Helium, which rose 54% to take third place.

While our limited data set does not confirm the end of this bear cycle, there is little doubt that these temporary buds of recovery have renewed optimism for the year ahead.

Decentraland looks strong

Decentraland has been on an upward trend since hitting a local bottom of $0.2858 in December 2022.

The rally led to a 34% gain on Jan. 13 before closing slightly lower. The days that followed all delivered significant upside, culminating in a peak price just below the pre-FTX collapse level today (January 16th).

However, the Jan 16 daily candle pattern prints small candle bodies with long top and bottom wicks, indicating market indecision at current prices.

Decentraland daily chart
Source: MANAUSDT on TradingView.com

Nonetheless, the +156% peak-to-valley move is evidence of market confidence in the project and the metaverse concept in general, as 14 of the last 17 days closed in green.

basic development

Decentraland I recently tweeted “Game, Set, Match!It refers to experiencing the Australian Open tennis tournament in the Metaverse.

The Australian Open will be held at Melbourne Park from 16-29 January and will consist of singles, doubles and mixed doubles matches that include juniors and wheelchair professionals.

In Decentraland, you can watch the game on the big screen, just like you would in a real-world fun park, but in the Metaverse. The user isJoin the New AO Tennis Club and Beach Bar and participate in challenges as part of your AOMetaverse experience.

Similarly, recent weekly GitHub activity ranked Decentraland as the 6th most active blockchain with 337 commits.

This is behind Polkadot/Kusama, Cardano, Status, Filecoin, and Cosmos at 514, 479, 399, 398, and 340 respectively. However, it is ahead of Ethereum in 10th place with 238 commits.

Read the latest market report

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