Bitcoin News

MANA Soared 75% This Week, Entering The Top 100


According to CoinMarketCap’s data, Decentraland’s native token, MANA, has gained 17.59% in the last 24 hours, following the stellar performance of metaverse tokens since the start of the new year. MANA is one of the top 100 cryptocurrencies and has grown by 95% in the last month. In addition, 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 token’s price has increased by approximately 70%, bringing its market capitalization to $1,2 million. As investor opinion in the crypto markets has improved in response to positive macroeconomic news, smaller market cap cryptocurrencies have outperformed their larger competitors. 

The recent U.S. economic data is also why the increase in MANA price. According to data released last week, US inflation has been trending downward over the past few months. From its all-time high of 9.1% in 2022 down to 6.5% in December of that year, the Bureau of Labor Statistics reports a dramatic decline in the consumer price index (CPI) for the United States.

The U.S. Federal Reserve (Fed) has been hiking interest rates to bring down inflation. This data suggest their efforts are working, and the market is feeling more optimistic as the chances of a monetary policy pivot are increasing, according to their expectations.

According to additional data, MANA is one of the most popular “metaverse” platforms, with roughly 8,000 unique daily users.

Improvements to avatars, profiles, and friend requests have recently been released for Decentraland users. It works toward making the platform more user-friendly. However, it was a time-consuming process before the platform started to recover. These essential factors have led to the price increase and burst in investor interest.

Various tokens used in video games and the metaverse saw dramatic price spikes last week. For example, SAND, The Sandbox’s…

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