MANA Can Outperform as Defi Use Cases Expand
The Decentralized Finance (DeFi) space has seen an influx of activity in recent months, and MANA has been a beneficiary of this trend. As more developers and users flock to the DeFi space, the demand for MANA has grown.
This has been reflected in the token‘s recent price action, as the token has seen an almost 140%% increase over the past month. MANA has been seen as a key asset in the DeFi ecosystem, as it can be used to create and trade virtual assets on Decentraland’s virtual world. This ability to create and trade virtual assets has attracted more investors to MANA, further boosting its demand and price.
Positive Price Action Should be Approached with Caution
Mana MANA/USD, the native token of the metaverse game Decentraland, skyrocketed by 73% over the past week, although it is currently trading $0.67.
MANA is showing impressive gains over the last seven days, outperforming Bitcoin BTC/USD and Ethereum ETH/USD. With these gains, the price of MANA has nearly matched its pre-FTX collapse price of $0.7137.
The surge in MANA’s price is likely due to recent industry speculation surrounding the potential launch of Apple Inc‘s AAPL mixed reality headset arriving as early as spring.
Tennis Anyone?
Decentraland recently tweeted “Game, Set, Match!” on AOMetaverse, signaling the start of the digitally augmented Australian Open tennis tournament in the Metaverse, which could have also sparked a rise in its token.
Read More: Aussie Tennis Open Returned
The competition, running from Jan. 16 to 29 at Melbourne Park, will be broadcast in Decentraland. Interactive experiences, such as the “New AO Tennis Club” and “Beach Bar”, will also be available for users to engage with.
Decentraland was ranked as the sixth-most active blockchain on GitHub a few days ago, with a total of 337 commits in their weekly activity.
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