Decentraland jumps back up
While some cryptocurrencies continue to take damage from the crash of 9 May, others have already begun recovering. Over the last 24 hours, ironically, TerraUSD (UST) is leading the rise, but following it close is the Metaverse token MANA from the Decentraland.
From trading at $0.7 to trading at $1.14 on 14 May, MANA has made a stark recovery of 61% within 24 hours. This rise in the price also pulled MANA out of the oversold zone it had been lingering around for over three weeks now [ref. Relative Strength Index (RSI)].
The only trigger enabling such a drastic reaction is the demand of the Metaverse, and Decentraland being the leader of that space, is seeing the most traction.
Linked wearables, unlike regular wearables, do not exist within the traditional wearable collection category. As they have no rarity of any kind and cannot be sold into any primary market, they basically serve the purpose of being an in-world only representation mapped to external NFTs by a third party.
To establish a presence among the same, Dogecoin-inspired Baby Dogecoin, as well as NFTStudios, submitted their proposals to include their linked wearables in the Metaverse.
But while Decentraland is noting an increase in the NFT aspect, its Metaverse front is looking a little weak.
With falling investors’ interest, Decentraland has noted a decline in its LAND sales consistently. Having sold about 392 units of LAND up until 14 May, it looks like at most Decentraland would only note the sale of 800 units of land by the end of the month.
This would help the transactions’ volume exceed the figures from last month.
Currently, at $1.5 million, LAND sales for the month of May would cross April’s $2.3 easily, but it won’t be easy for the same to establish a new all-time high soon since LAND sales will never make it back to $9.4 million.