Historical data suggests possible upside for MANA
- Decentraland’s market capitalization has dropped significantly in 2022.
- Historical data indicates that when MANA’s transaction rate is as low as it is now, it is likely to spike.
- MANA is currently trading at $0.632 after a 2.73% price drop.
Cryptocurrency market intelligence firm, Santiment, took to Twitter on October 15 to share some numbers about the “under the radar” NFT project and its native token MANA.
According to Santiment, Decentraland is an ERC20, NFT virtual reality asset and is pretty much below the radar. Unfortunately, 2022 has not been good for this project as its market capitalization shrank throughout the year. In addition, the profit/loss ratio of MANA’s trades is at a three-year low. On the bright side, this could have some good implications for cryptocurrencies.
Daily on-chain Tx profit/loss ratio spread (Source: Santiment)
MANA historical data indicates that when the rate is as low as it is now, it is likely to spike. In November 2019, the rate remained the same, but over the next 6 weeks the project spiked by 610%. The question remains whether this will be the case for MANA in 2022.
Decentraland / US 1D (Source: CoinMarketCap)
According to crypto market monitoring website CoinMarketCap, MANA is currently trading at $0.632 after a 2.73% drop in the last 24 hours and after hitting a high of $0.6542 during the same time period. . The cryptocurrency is also still in the red more than 9% from last week.
MANA’s 24-hour trading volume is also down more than 40% and currently stands at $95,791,464.
MANA is currently the 42nd largest cryptocurrency by market cap with a market cap of $1,172,450,226. This puts MANA right behind Tezos() at 41st place on the list and ahead of Huobi Token at 43rd place.
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