Decentraland (MANA) Launches New Years Eve Party As Metaverse Gets Popular

Metaverse is slowly becoming the next big trend as more and more investors join the virtual world of Decentraland. The blockchain world recently announced that it will recreate the iconic Ball Drop in the Metaverse, which will also mark the start of MetaFest 2022.

New Year’s Eve party in Decentraland

Normally, all of this would be just another step in the chain. But in the case of Metaverse, the skyrocketing rate of expansion makes the event a “big magnet” that attracts more investors.

Since its introduction, the number of addresses with credit on Decentraland has increased by 66%. The network currently has more than 178,000 investors.

Number of addresses above Decentralized country | The source: In the block

Although there was more participation in November, the fall in prices in December resulted in lower trading volume. While the average transaction value reached $ 700 to 800 million in November, it only fluctuated between $ 250 and 300 million in December.

Dimensions Above Decentraland | Source: Intotheblock

The lack of volume is a direct consequence of the lack of on-chain transactions. As a result, this affects the fees charged per day, from 13,000 to 479 MANA (96% each).

fee Above Decentraland | Source: dune

Most of the people here, however, shouldn’t take any serious losses as they left their positions at the first sign of a price drop. Prudent profit-taking has resulted in investors selling over 100 million MANA since the beginning of December.

Deliver MANA on the stock exchange | Source: Santiment

But every network has some people who only have HODL regardless of market trends. The dominance of medium-term owners (cruisers) in the network increased thanks to 36,000 people who held constant MANA during the events in November.

distribution homeland invest MANA | Source: Intotheblock

Hence, the above data is proof that MANA not only has a passing demand but also has some serious investors. If events like MetaFest 2022 are successful, more investors will join the network.

With MANA being the largest GameFi token on the market with a market cap of nearly $ 6 billion, it wouldn’t be surprising if the price continued to rise.

Source: Tradingview

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