Causes Decentraland (MANA) Crypto Prices Continue To Rise Even Though Bitcoin Collapses

WHERE prices go up without being affected by BTC. (FXTrending)

JAKARTA - When Bitcoin plummeted, the price of the Decentraland (MANA) cryptocurrency flew high. The increase in MANA prices was triggered by Facebook's decision to rebrand to Meta. This was conveyed by a pseudonymous host from the Coin Bureau known as Guy.

Guy shared MANA's pricing analysis with his 1.81 million YouTube channel subscribers. He explained that even though the Bitcoin rally had stalled, the rise of the metaverse as promoted by Meta had pushed the demand for metaverse-themed cryptocurrencies soaring, including MANA.

Launching DailyHodl, Guy explained a number of factors that caused the MANA price to strengthen. “First, the rest of the crypto market continues to rally. Most importantly, Bitcoin's dominance has declined, which means money is turning to altcoins like MANA.”

“The amount of money held in Decentraland's Grayscale Trust has more than doubled… since March this year. This shows there is significant institutional demand for Decentraland,” he added.

Guy also highlighted the surge in non-fungible token (NFT) digital art trading, virtual events and a number of decentralized casinos that are the source of the project's power. MANA's official website reveals that Decentraland is "the first virtual world owned by its users."

“Decentraland is controlled through a DAO [decentralized autonomous organization], which owns the smart contracts and the most important assets of Decentraland – LAND Contracts, Estates Contracts, Wearables, Content Servers and Marketplaces.”

In addition, Guy also explained that Decentraland's goal is to achieve interoperability with other metaverses. He calls it a “game changer”.

“[It] seeks to make the Decentraland metaverse interoperable with at least four other crypto metaverse worlds. This will be done using an advanced protocol called IPSME [Idempotent Publish/Subscribe Messaging Environment]. No date has been detailed for this specific proposal, but it will be a game changer for the cryptocurrency metaverse if it lives up to its promises.”

Guy added that while the project was doubtful at first, those doubts have softened over time.

“When I first heard about Decentraland, I remember being skeptical if it was going to gain traction. After all, who needs the virtual world when you have the real world?” Guy said.

“Over time, it became clear that there was value in both. This was evident long before Facebook changed its name to Meta, and it was something that no one paid attention to until Facebook put the metaverse on stage.”

He also explained that currently Decentraland is in a period of growth. Despite all that, Decentraland is one of the early generation metaverse projects, long before Facebook changed to Meta.

“The crazy thing is that Decentraland is still in its infancy, even though it's one of the oldest metaverse projects out there. It's amazing to see that development continue, despite all the trouble this project has had publicly and behind the scenes."

“This is certainly heading in the right direction, and while MANA may be overvalued compared to Decentraland's fundamentals today, it probably won't be tomorrow.”

According to a data report from Coingecko, the MANA crypto price is currently trading at the level of IDR 49,863. MANA prices have increased 3.0 percent in the last 24 hours. Meanwhile, in two weeks the price of MANA has skyrocketed by 149.9 percent. Crypto MANA recorded its new all-time high price (ATH) on October 31, 2021.