According to CoinMarketCap’s data, Decentraland’s original token, MANA, has gained 17.59% in the last 24 hours, following the metaverse token’s stellar performance since the start of the new year. MANA is one of the top 100 cryptocurrencies and has grown by 95% in the last month. Additionally, it has been in the green for 14 of the previous 16 days.
What pushed MANA to the Sky?
At the time of writing, MANA is trading at $0.6887. Since last week, the price of the token has increased by about 70%, and the market capitalization has reached $1.2 million. As investor sentiment in the crypto market has improved in response to positive macroeconomic news, smaller market capitalization cryptocurrencies have outperformed their larger competitors.
#where pump is inevitable, @decentraland is the platform of the future. NOW 😍 pic.twitter.com/x2LLJrCWO1
— jasonx.eth (@DCLjasonx) January 15, 2023
New US economic data is also why MANA prices are rising. According to data released last week, US inflation has slowed in recent months. From a high of 9.1% in 2022 to 6.5% in December of that year, the Bureau of Labor Statistics reported a drastic decline in the consumer price index (CPI) for the United States.
The US Federal Reserve (Fed) has raised interest rates to reduce inflation. The data suggests that efforts are working, and markets are feeling more optimistic as the likelihood of a monetary policy pivot increases, in line with expectations.
According to additional dataMANA is one of the most popular “metaverse” platforms, with approximately 8,000 unique daily users.
Improvements to avatars, profiles, and friend requests have recently been released for Decentraland users. It works to make the platform more user-friendly. However, the process takes time before the platform starts to recover. This important factor led to an increase in prices and an explosion of investor interest.
New Year, More About You 📢
Some new features are out today that will help #DCL residents connect with each other more than ever—and this is just the beginning!
🖍️ Highlight Avatar
👩🦱New User Profile
🔗Link in Profile
💌New Friend Request Stream
🏷️ Different nametags pic.twitter.com/8cMUXVLpiT— Decentraland (@decentraland) January 12, 2023
Various tokens used in video games and the metaverse saw dramatic price spikes last week. For example, SAND, the original of The Sandbox, has increased by 33% over the past week, while GALA, the currency of Gala Games, has increased by 31%.
The Australian Open Metaverse Tournament Is Back in Decentraland
According to the tweet below, the Australian Open metaverse has returned to Decentraland.
Game, Set, Match!@AOmetaverse it’s back to Decentraland!
🎾 On the big screen: #AO23 Training ground, classic matches 24/7
🎾 New AO Tennis Club, Beach Bar
🎾 Rod Laver Tennis Challenge
🎾 Daily search for WearablesNow – 29 Jan
-143, 74 pic.twitter.com/Z3VOICGmOU— Decentraland (@decentraland) January 15, 2023
From January 16-29, 2023, Melbourne Park will host the first round of the 2023 Australian Open, a Grand Slam tennis tournament. This year’s Australian Open will be the 111th in the tournament’s history and the 55th in the Open Era and could contribute to the bullish price action by leveraging new users on MANA.
AOmetaverse and Vegas City, the largest metaverse entertainment platform and commercial zone in Decentraland, have created a Twitter space for January 17 to announce the activation of the Australian Open 2023 for 14 days.
Featured Images from CoinMarketCap, Charts from Tradingview.com