- MANA was down by more than 2% in the last 24 hours.
- Metrics remained bearish, but open interest suggested the possibility of a trend reversal.
Decentraland [MANA] boasted development going around it as it ranked top on the list of NFT projects by development activity. High development activity is essentially considered to be bullish, but this was not the case with MANA. The token, despite having high development going around, has failed to push its price up in the past few days. A look at its on-chain metrics provided a better understanding of what was actually happening.
Read Decentraland’s [MANA] Price Prediction 2023-24
Decentraland has a lot going around it
CryptoDep, a popular X (formerly known as Twitter) handle that posts updates related to the crypto space, recently revealed in a tweet that Decentraland ranked number one on the list of the top NFT projects by development activity over the last 30 days.
This looked optimistic as high development activity meant that developers were putting more effort into improving a network.
⚡️Top #NFT Projects by Developer Activity
18 October 2023Let's take a look at the list of NFT projects with the highest developer activity score in the last 30 days, data taken from @Santimentfeed.#Decentraland – 220#Flow – 163#Sandbox – 37.3#Enjin – 14.1#AxieInfinity -… pic.twitter.com/nYrCLL79Ua
— ?? CryptoDep #StandWithUkraine ?? (@Crypto_Dep) October 18, 2023
It was surprising to see that though MANA had the highest Development Activity in the last 30 days, the metric actually declined over the last seven days. However, its Dev. Activity Contributors’ Count spiked quite a few times, as per Santiment’s data.
Source: Santiment
MANA is not responding well
The MANA token’s price showed reluctance to move up in the past few days. In fact, CoinMarketCap’s data revealed that MANA’s price dropped by more than 2.4% in just the last 24 hours.
At the time of writing, it was trading at $0.2746 with a market capitalization of over $519 million, making it the 62nd largest crypto.
A check on Decentraland’s on-chain metrics pointed out what was going against the token in the recent past. To begin with, MANA’s trading volume dropped, meaning that investors were not actively trading the token.
Realistic or not, here’s MANA market cap in BTC‘s terms
Its one-week price volatility dropped substantially over the last few days. Whale activity around the token was also low, as evident from MANA’s flat supply held by the top addresses’ chart.
Its Binance funding rate also turned red on 19 October 2023, meaning that derivatives investors were not buying the token. The good news was that while MANA’s price dropped, its open interest also declined, increasing the chances of a trend reversal in the days to follow.
Source: Santiment
