According to CoinMarketCap Data, Decentraland’s native token, MANA, has gained 17.59% in the past 24 hours, following the outstanding performance of metaverse tokens since the start of the new year. MANA is one of the top 100 cryptocurrencies and has grown 95% in the last month. Moreover, he has been in the green for 14 of the last 16 days.
What pushed MANA skyward?
As of this writing, MANA is trading at $0.6887. Since last week, the price of the token has increased by around 70%, bringing its market capitalization to $1.2 million. While investor sentiment on crypto markets has improved in response to positive macro news, smaller market cap cryptocurrencies have outperformed their larger competitors.
— jasonx.eth (@DCLjasonx) January 15, 2023
Recent US economic data also explains the increase in the price of MANA. According to data released last week, US inflation has been on a downward trend over the past few months. From its peak of 9.1% in 2022 to 6.5% in December of the same year, the Bureau of Labor Statistics reports a dramatic drop in the consumer price index (CPI) in the United States.
The US Federal Reserve (Fed) has raised interest rates to bring down inflation. This data suggests that their efforts are bearing fruit and that the market is feeling more optimistic as the chances of a monetary policy pivot increase, according to their expectations.
According to additional dataMANA is one of the most popular “metavers” platforms, with around 8,000 daily unique users.
Improvements to avatars, profiles, and friend requests were recently released for Decentraland users. This aims to make the platform more user-friendly. However, the process took a long time before the platform started to recover. These key factors led to higher prices and a burst of investor interest.
New year, more about you 📢
A few new features were released today that will help #DCCLitizens connect with each other better than ever – and that’s just the beginning!
👩🦱New user profile
🔗Links in profile
💌New friends request flow
🏷️Differentiated Nametags pic.twitter.com/8cMUXVLpiT
— Decentraland (@decentraland) January 12, 2023
Various tokens used in video games and the metaverse have seen dramatic price spikes in the past week. For example, SAND, the native of The Sandbox, jumped 33% over the past week, while GALA, the currency of Gala Games, rose 31%.
Australia’s Open Metaverse Tournament Returns to Decentraland
According to a tweet below, the Australian Open metaverse has returned to Decentraland.
Game, Set, Match!@AOmetaverse is back at Decentraland!
🎾 On big screens: #AO23 Training grounds, classic matches 24/7
🎾 New AO Tennis Club, Beach Bar
🎾 Tennis Rod Laver Challenge
🎾 Daily Quests for Wearables
-143, 74 pic.twitter.com/Z3VOICGmOU
— Decentraland (@decentraland) January 15, 2023
From January 16-29, 2023, Melbourne Park will host the first round of the 2023 Australian Open, a Grand Slam tennis tournament. This year’s Australian Open will be the 111th in the tournament’s history and the 55th in the open era and could help the bullish price action by onboarding new users to MANA.
AOmetaverse and Vegas City, the Metaverse’s entertainment platform and Decentraland’s largest shopping area, have booked a Twitter spot for January 17 to announce the activation of the 2023 Australian Open for 14 days.
Featured image from CoinMarketCap, chart from Tradingview.com