MANA Hits $5.6 as Metaverse Adoption Continues to Grow

·2 min read

MANA has added more than 500% to its value over the past month and could be set for further gains.

Canadian Company Buys a Virtual Land on Decentraland for $2.5 Million

Tokens.com, a Canadian investment firm that focuses on decentralized finance (DeFi), announced earlier this week that it had purchased virtual real estate on the Decentraland platform for roughly $2.5 million.

The company said it bought 116 parcels of virtual land for a total of 618,000 MANA, Decentraland’s native cryptocurrency. According to Tokens.com, the deal represents the largest transaction of its kind to date.

Decentraland is one of the leading metaverse-focused cryptocurrency projects, and it has gained massive adoption over the past few months. The increasing adoption level has contributed to the MANA token experiencing massive growth during that period.

Tokens.com bought the virtual real estate on Decentraland’s Fashion Street district. The company will develop it to accommodate the growing demand for fashion brands to display digital merchandise in the metaverse.

MANA Races to a New All-Time High

The news of Tokens.com spending $2.5 million on a virtual land on Decentraland sent MANA higher over the past few days. The coin has rallied by more than 60% over the past 24 hours, reaching a new all-time high above $5.6 a few hours ago.

MANA/USD chart. Source: FXEMPIRE
MANA/USD chart. Source: FXEMPIRE

MANA’s technical indicators show that the coin is performing excellently and could rally higher over the coming days. Its MACD is way above the neutral zone, while the RSI of 78 shows that MANA is currently overbought. MANA is also trading way above its 50-day moving average of $4.8. Thus, indicating that the cryptocurrency has set up strong support just below the $5 mark.

Over the past 30 days, MANA has added more than 590% to its value, making it one of the best performers in the broader cryptocurrency market. Year-to-date, MANA is up by more than 7,000%.

Another cryptocurrency that has been benefiting from the increasing adoption of the metaverse is SAND, the native coin of The Sandbox platform. SAND set a new all-time high above $8 earlier today and has rallied by more than 900% over the past month.

This article was originally posted on FX Empire

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