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Assessing the mechanics of MANA’s >900% yearly growth on its birthday

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Source : Decentraland

Decentraland, along with The Sandbox, have been frontrunners in the Metaverse, with both introducing the possibilities of a new form of investment in the crypto-space.

On 21 February, MANA celebrated its second birthday. Looking at its growth over the year can give us a hint of what’s to come next.

Happy Birthday, Decentraland!

In lieu of the celebration, Decentraland has announced a bunch of events. A major quest, a montage of DCL Film Club entries, special prizes, and a performance by DJ Akira.

This is in line with the virtual world platform’s efforts to engage more with the community. Well, it has been the goal since the formation of the Governance Squad. To further the same, recently, Transparency OS was also introduced to build trust within the community.

It is these undertakings that have supported MANA’s stellar growth. Notably, after its participation in the metaverse, MANA has risen by 218% in the last 12 months, with Decentraland now having over 590k users.

Decentraland total users | Source: Dune – AMBCrypto

However, fluctuating market conditions have made sure the activity is unexceptional. Back in February 2021, the network had about 1965 active addresses regularly on average. At the time of writing, the figure had a reading of 1800.

This also affected on-chain transactions and their consequent statistics. The transaction count, at its peak, hit 22k in a single day.

Currently, it is at the same level as it was a year ago. Furthermore, the pent-up bearish momentum of the past few months has dropped the market value of the asset by 44%.

Decentraland active addresses and transactions counts | Source: Coinmetrics – AMBCrypto

Regardless, Decentraland did bring about a change in the way people saw investments. It made virtual land investments more popular than expected. With over 22,195 plots sold since February 2021, the total sales value recently crossed $151 million.

And, just like NFTs, these virtual plots managed to draw in some insane value. In fact, one plot was sold for as much as $2.4 million.

Decentraland plot sales over the year | Source: NonFungible

Thus, it’s not surprising to see Decentraland’s token rise in a similar fashion. Over the last 365 days, MANA’s price has shot up by 899.87%, up from $0.29 to $2.91 at press time.

Maintaining its support and resistance at $2.44 and $3.51, the altcoin has been seeing some short-term recovery too. In fact, it rose by over 8% in the last 24 hours. 

Decentraland price action | Source: TradingView – AMBCrypto

As more and more people become a part of the Metaverse, Decentraland can be expected to register insane growth this year.

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Aaryamann is a freelance crypto journalist working with AMBCrypto. He is currently investing his time in the crypto-space. He has a keen interest in DeFi, the ever-expanding possibilities of blockchain technology, as well as the political impact they would have.

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