Decentraland’s price has risen by over 25% today, making it the biggest winner on Crypto.com. With a 24-hour trading volume of $ 6.9 billion and a market cap of $ 7.4 billion, it’s clear that Decentaland is heading for the top. Let’s take a closer look at Decentraland and see why the price is going up so much.
What is Decentraland?
Just to make sure we’re all on the same page, Decentraland is a blockchain-based virtual metaverse, allowing users to buy plots of land, customize them, and interact with other users within. the virtual world.
Why is Decentraland increasing prices?
The most recent announcement regarding Decentraland is their partnership with the government of Barbados, establishing the world’s first Metaverse Embassy.
Welcoming the government of a nation into the metaverse is a first in the crypto world. Establishing an official embassy in a virtual universe is sure to draw attention to Decentraland and cryptocurrency in general.
With a market cap of $ 7.4 billion, Decentraland is poised to overtake one of the biggest metaverse projects, Axie Infinity, which has a market cap of $ 7.7 billion.
Earlier today, we covered why Decentraland is the best Metaverse project on the market right now, and the recent price hike only shows traders agree.
With a fully functional app open to the public since February 2020, it makes sense for Decentraland to establish itself as the industry leader in the crypto metaverse.
In addition, Decentraland already has an active community of users that is growing every day. Below you can see just a small portion of some of the upcoming events on Decentraland:
Overall, Decentraland is a great choice for the long haul. As the Metaverse hype picks up, the leaders in the space will see the strongest growth.
As the most popular Metaverse project right now, I wouldn’t be surprised to see MANA’s price double by the end of the year.
Disclosure: This is not trading or investment advice. Always do your own research before buying cryptocurrency.
Why Decentraland is the best metaverse project on the market
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