The crypto market intelligence firm, Santiment, took to Twitter on October 15 to share some numbers about a “under the radar” NFT project and its native token MANA.
According to Santiment, Decentraland is a fairly below-the-radar ERC20, NFT and virtual reality asset. Unfortunately, 2022 has not been kind to this project as its market cap shrunk throughout the year. In addition to this, the profit/loss ratio of MANA’s transactions is at its lowest level in three years. On the bright side, this could have some good implications for cryptocurrency.
Decentraland ratio of daily on-chain Tx profit/loss (Source: Santiment)
MANA’s historical data indicates that when the ratio is as low as it is now, it could be followed by a spike. In November of 2019, the ratio stood about where it is now, but in the following 6 weeks, the project saw a huge 610% spike. The question still remains whether this will be the case for MANA during 2022 as well.
Decentraland / Tether US 1D (Source: CoinMarketCap)
According to the crypto market tracking website CoinMarketCap, MANA is currently trading at $0.632 after a 2.73% drop in price over the last 24 hours, and after reaching a high of $0.6542 over the same time period. The crypto is also still in the red by more than 9% over the last week.
MANA’s 24-hour trading volume also took a knock as it is down more than 40% to now stand at $95,791,464.
MANA is currently the 42nd biggest cryptocurrency in terms of market capitalization with its market cap of $1,172,450,226. This places MANA right behind Tezos (XTZ) in the 41st position on the list and in front of Huobi Token in the 43rd position.
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Source: Cryptocurrency - investing.com
