Mana recovers 61% in 24 hours…


Decentraland, the largest Metaverse in the crypto space, has been a pioneer in wearables, and the added demand for similar features has driven the platform to record higher traffic from both DeFi and investors.

Decentraland leaps again.

Some cryptocurrencies continued to suffer from the May 9 crash, while others have already begun to recover. Ironically over the past 24 hours, TerraUSD (UST) has been leading the upward movement, but it is followed by Decentraland’s Metaverse token MANA.

From $0.7 to $1.14 traded on May 14, MANA showed a sharp recovery of 61% in 24 hours. This price increase also took MANA out of its oversold territory, which has now been around for more than three weeks. [ref. Relative Strength Index (RSI)].

Decentraland price action | Source: TradingView – AMBCrypto

The only trigger that makes such a bold response possible is the metaverse’s demand, and Decentraland, the leader of the space, sees the most traction.

Recently, Linked Wearables has attracted a lot of attention from investors and metaverse users.

Connected wearables, unlike regular wearables, do not exist in the category of traditional wearables collections. Since they have no rarity of any kind and cannot be sold on any primary market, they essentially serve the purpose of being the only representation within the world mapped to an external NFT by a third party.

To establish the same existence, Dogecoin-inspired Baby Dogecoin and NFTStudios have submitted proposals that include wearables connected to the metaverse.

However, while Decentraland is noticing an increase on the NFT side, the Metaverse front looks a bit weak.

Decentraland confirmed that LAND sales were continuing to decline as investor interest declined. By May 14th, about 392 units of LAND were sold, but most Decentraland is expected to sell only 800 units by the end of this month.

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Decentraland Land Unit Sales | source: Sand dunes – AMBCrypto

This should help volume exceed last month’s figures.

At $1.5 million now, May LAND sales will easily surpass April’s $2.3 million, but it won’t be easy to set that same new all-time high soon as LAND sales won’t go back to $9.4 million.

Screenshot 2022 05 14 190303

Decentraland Land Sales | source: Sand dunes – AMBCrypto

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