Decentraland MANA/USD is a virtual reality platform that runs on the Ethereum blockchain.
MANA is the native cryptocurrency token that powers Decentraland and can be used to pay for virtual plots of land, as well as in-world goods and services.
The ‘Onyx lounge’ opening as a catalyst for growth
On Tuesday, February 15, JP Morgan opened what they call the “Onyx Lounge” in the metaverse.
This is a virtual lounge within the blockchain-based world of Decentraland.
There have been numerous reports by users on Twitter who have experienced the Onyx lounge, where they noted that they saw a picture of CEO Jamie Dimon as well as a tiger lurking.
The company even published a paper where they explained the opportunities which will get explored by them within the metaverse.
Within this report, JP Morgan explains that they can operate as a bank within the virtual world, much like they do in the real world, given the fact that virtual worlds within the metaverse have their own population, GDP, and currencies.
In any case, this will boost the utility as well as usage of the Decentraland (MANA) cryptocurrency token, which will lead to an increase in its value.
Should you buy Decentraland (MANA)?
On February 16, 2022, Decentraland (MANA) had a value of $3.318.
To get a better perspective as to what this value point truly represents for the MANA cryptocurrency, we will be going over the token’s all-time high value alongside the performance it showcased throughout the previous month.
The all-time high value of the Decentraland (MANA) token was on November 25, 2021, when the token reached a value of $5.85. This showcases that at its ATH, the token was $2.532 higher in value or by 76%.
When we go over the performance of the Decentraland (MANA) token throughout the previous month, we can see that its highest point was on January 7, when It reached a value of $3.386.
The lowest value point of the token was on January 22, when it decreased to $1.827. Here, we can see that from the span of January 7 to January 22, the MANA token decreased in value by $1.559 or by 46%.
However, from January 22 to February 16, the token saw an increase in value of $1.491 or by 81%.
With that in mind, we can expect MANA to reach a value of $4 by the end of March 2022.
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from Market Analysis – Invezz
