Whale Buys $10 Million Worth of MANA as Decentraland’s Price Surge Continues

Amid the ongoing price surge for Decentraland’s MANA token, whale activity also appears to be heating up. According to analyst Ali, large MANA transactions have spiked recently, with one whale buying $10 million worth of tokens.

Decentraland is a blockchain-based virtual world where users can create avatars, build virtual structures, and monetize creations. MANA is the platform’s ERC-20 governance and utility token used for purchasing digital real estate and goods.

Prolonged Price Uptrend

MANA prices bottomed out around $0.27 on October 19th. Since then, the token has seen over 50% gains in the past month, currently trading around $0.44.

The reasons behind this prolonged rally are unclear, but increased user activity and virtual land sales on Decentraland likely play a role. The broader cryptocurrency market recovery has also buoyed more speculative metaverse tokens like MANA.

Whale Accumulation

With MANA prices on the rise, whales appear to be taking notice and accumulating significant quantities. According to analyst Ali, some of the largest MANA holders on record recently purchased 25 million tokens worth over $10 million.

Seeing major stakeholders like this continue building positions signals strong confidence in Decentraland’s long-term growth potential, despite the token already rallying 50% in recent weeks.

Read also:

The combination of surging prices and increased whale accumulation points to a strongly bullish outlook for MANA in the near future. As Decentraland expands its virtual world offerings, MANA may have ample room left to appreciate further.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo