What happened
Despite significant sell-offs for Bitcoin, Ethereum, and most major altcoins today, Decentraland's (CRYPTO: MANA) MANA token is making big gains. The cryptocurrency was up roughly 13% over the last 24 hours of trading as of 1:30 p.m. ET.
Excitement surrounding the metaverse is surging lately, and that seems to be driving the valuation for Decentraland's token higher. MANA is the cryptocurrency used for transactions in Decentraland's 3D virtual world, and surging interest in the metaverse and non-fungible tokens could help it post more big gains.
Image source: Getty Images.
So what
Decentraland's MANA token has surged roughly 37% over the last seven days of trading. It now has a market capitalization of roughly $6.5 billion and stands as the 29th largest cryptocurrency by market cap.
Decentraland is a metaverse built on the Ethereum blockchain that allows users to purchase, outfit, and sell land in its virtual world. The metaverse has quickly become one of the hottest topics in the tech world, and surging interest and investment in the space is creating bullish catalysts for the MANA token.
Now what
The overall cryptocurrency space remains extremely volatile, and significant sell-offs for Bitcoin, Ethereum, and other major tokens over the last week highlight the fact that big pricing swings are the norm. On the other hand, Decentraland and MANA have intriguing use cases, and cryptocurrencies that are backed by promising features and services can still post big gains even if the broader market is facing bearish pressures. MANA remains a very high-risk investment, but with the metaverse revolution seemingly just starting to heat up, it also wouldn't be surprising to see the token climb significantly above current pricing levels.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
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