January 28, 2023

The Metaverse world saw a dwindling hype within the previous two months following two market crashes. Such developments had platforms like Decentraland battling massive bearishness, translating to massive lows.

The Metaverse currency MANA sees its investors terrified after a long time, and such developments might trigger further price drops for the altcoin.

MANA in Distress

Though the current downturn did not affect Decentraland like the May crash that catalyzed 57.4% losses, the alt still lost 22.8% of its value. MANA recovered most of the losses following the May drop within the next two days. Nevertheless, faded investor confidence welcomed gradual price declines, dragging MANA to $0.81 at this publication.

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MANA’s shaking faith remains visible as long-term investors evinced panic, moving their holdings. That had them destroying around 17.79 billion days. Such development emerged in October last year when these LTHs demolished 45 billion days.

Meanwhile, last time’s reaction emerged from FOMO panic as MANA had gained 375% within three days, whereas the prevailing one is loss-induced. Transactions completed amid these instances verify the narrative.

Most MANA transfers in October last year were in profit, as volumes hit the $670 million highs. Meanwhile, this time’s transactions exhibited losses, though with lower volume, at $88 million.

Moreover, the fading Metaverse value becomes more evident as days pass. One land plot in Decentraland value was $6,170 back in Feb, while the average value stood at $3,420 this month. That’s the lowest Decentraland has seen since its 2020 inception.

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For now, MANA will rely on broad market and Metaverse sentiment for potential surges to reclaim levels beyond $1 in the coming sessions.

Moreover, the ongoing market movements are enough to trigger panic among investors. The latest bearish actions saw the global cryptocurrency market capitalization losing the $1T mark.

Such developments saw fear prevailing in the market, with the fear and greed index hitting ‘extreme fear’ levels. While publishing this blog, the value of all cryptos stood at $930 billion, a 3.56% surge over the previous day.

That shows the market attempting reversals following the recent downturn. Bitcoin gained about 4.43% over the past 24hrs to change hands at $21,738.76. Nevertheless, that does not mean a significant revival, as bears remain dominant in the space. Fear still rules the market, and investor panic remains logical.

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Editiorial credit: Ira Lichi / shutterstock.com


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