Below we explain a few things you need to know about Decentraland, including the risks to be aware of and where the price might wind up in the future.
1. It just hit an all-time high
The wild trading run sent the price of Decentraland to a new record of $4.69 on Saturday.
Up until recent days, Decentraland had mostly traded under $1 since late May.
It hit an all-time high of $1.63 in April – but then crashed a month later.
2. Why it’s been going up lately
Some have been wondering why Decentraland has started a big rally to begin with.
The truth is Decentraland, which is a metaverse token, has Facebook to thank.
This is because Facebook changed its name to Meta – aiming to “bring the metaverse to life.”
A metaverse is a virtual reality experience where users can interact with others.
Decentraland uses “MANA,” which is an ERC20 token – meaning it's based on Ethereum’s blockchain.
Another metaverse cryptocurrency that has been gaining is Sandbox, which is up 33% in the past 24 hours.
3. Why Decentraland is so unique
When compared with other cryptocurrencies, Decentraland stands out with its unique trading experience.
Specifically, Decentraland operates as a blockchain-based cryptocurrency that models itself as a “world owned by users.”
Users can create scenes, graphics, challenges as well as trade digital assets including LAND, estates, and avatar apparel.
"Even with how nascent this industry is, the serious Decentraland players have managed to create a significant income from buying and selling Nft items," Patrick Moore, founder and creator of Bitcoin and cryptocurrency information website CryptoWhat, told The Sun.
4. The meme coin effect
It remains to be seen if Decentraland turns into the next meme coin of choice for retail investors.
But it has lately picked up some traction from Reddit users via threads lately – which is the same crowd that has pumped up the prices this year for Shiba Inu and Dogecoin.
Typically, meme coins gain off a social media or an internet-based joke.
Billionaire Elon Musk hasn’t gotten involved yet like he has with Dogecoin and Shiba, but there’s always that possibility.
5. A riskier bet
All cryptocurrencies come with high risks – but it’s taken a step further with Decentraland.
Cryptocurrencies are particularly risky because of the complexity and heavy volatility in the industry.
The fact that Decentraland is a recent gainer and a meme target puts the risk of serious possible losses.
That could happen at any time if Reddit users lose interest or find a different meme coin.
6. Price prediction
Some are wondering where the price of Decentraland is heading in the future.
Mr Moore thinks Decentraland can surge above its recent all-time high.
"While the overall market sentiment is hot for crypto, it's possible for MANA to reach $4 - $6 during this next bull run," he said.
Despite the unpredictability that lies ahead, many forecasters are currently bullish on MANA.
For example, Wallet Investor thinks it will rise to $3.611 in 12 months and $7.101 in five years.
Meanwhile, Coin Price Forecast sees the price more than tripling to $11.85 by the end of the year, $22.74 by the end of 2022 and $82.27 at the conclusion of 2025.
But keep in mind, price predictions could change if bearish trends occur.
Source >> https://www.the-sun.com/money/3977533/things-to-know-decentraland-mana/
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