Decentraland (MANA) is on a trading uptrend, like many other Altcoins. Besides, the crypto MANA just went up +80% in a single day by breaking a bullish pennant pattern with huge buying volume on many exchanges and surges over 313.48% in a week. At the time of writing, MANA is ranked the 35th cryptocurrency on the CoinMarkepCap with a price of $3.60.
In fact, Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain. In addition, it allows users to build, experience, and monetize content and applications.
On the other hand, the reason for MANA’s price surge is the metaverse project. Not only MANA, but all metaverse-related crypto projects have seen their price increase after Facebook (NASDAQ:FB) announced that it would be rebranded as Meta, with a mission to “bring the metaverse to life.”
Facebook’s Meta rebrand is part of an extensive realignment by the firm towards the metaverse. In September, it published a $50 million investment in metaverse-related leads and partnerships.
While in the keynote of the announcement of the company’s rebranding, CEO Mark Zuckerberg stated that “the metaverse is the next frontier just like social networking was when we got started.”
Furthermore, general market sentiment seems to suggest that cryptos are hopefully turning back to the bull run season after recent price corrections. Another reason for this immediate pump in price could be that whales are secretly buying Decentraland (MANA) for the coming altcoins rally. Also, the launch of the HashKey Virtual Headquarter announcement.
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Source: Cryptocurrency - investing.com
