• Decentraland (MANA) organized the second edition of Australian Open 23 and concluded on 29 January.
• MANA’s price surged by more than 10% in the last 24 hours, making it to the list of cryptos that the top 1000 Ethereum whales were holding.
• A closer look at MANA’s on-chain metrics revealed that the exchange reserve was low, indicating lower selling pressure, while the exchange outflow increased.
Decentraland, the blockchain-powered virtual world, recently concluded the second edition of Australian Open 23, a virtual event that allowed attendees to experience the main stadium, Rod Laver Arena, as well as explore the precincts and choose their own adventure through a series of tennis content. Soon after the event ended, Decentraland’s native token (MANA) skyrocketed, registering double-digit daily gains.
CoinMarketCap’s data revealed that MANA’s price surged by more than 10% in the last 24 hours, trading at $0.7852 with a market capitalization of over $1.45 billion. This unprecedented surge was likely due to the sudden interest of whales in MANA, as the token made it to the list of cryptos that the top 1000 Ethereum whales were holding.
A closer look at MANA’s on-chain metrics shed some light on what might have fueled the token bull rally. CryptoQuant’s data revealed that MANA’s exchange reserve was low, indicating lower selling pressure. Furthermore, over the last week, MANA’s exchange outflow increased while the exchange inflow decreased, which looked pretty bullish and might have played a significant role in the pump. Active addresses on Decentraland also increased, indicating increased engagement and user activity on the platform.
All these factors combined likely fueled the rally that Decentraland’s token experienced, making it one of the top gainers of the day. With the strong fundamentals in place and more events and activities lined up for the virtual world, the future looks bright for Decentraland’s token.