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.
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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.
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.
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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.
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