As the crypto markets starts recovering and trade sideways this week, Decentraland token jumped 25% and it’s still green.
At the time of writing, it was up 10.09% according to CoinMarketCap. It hit a high of $2.61 and a low of $2.36 in the last 24 hours.
But why is the MANA coin rallying, let’s take a deep dive to examine what is behind the current MANA price hike.
What is Decentraland?
Decentraland is a virtual reality platform built on the Ethereum blockchain with a Unity game engine to enable players to access exclusive experiences and purchase various NFTs.
Decentraland has two tokens, that is, MANA and LAND. MANA is an ERC-20 token that is burned to acquire non-fungible ERC-721 LAND tokens.
Decentraland has featured a number of experiences like the games and Casinos making it the most popular platform for users integrated with the latest crypto trends such as Play-to-earn, Defi, GameFi, and NFTs.
Why is Decentralnad (MANA) price rallying?
The current Decentraland (MANA) price surge is being attributed to the news of the Australian Open (AOMetaverse) closing party today that will feature Steve Aoki, a world-class artist.
— AOmetaverse (@AOmetaverse) January 30, 2022
Australian Open is one of the largest tennis tournaments in the world that is held annually in Australia at Melbourne Park. The budget of the tournament for the year 2022 was $75 million
This year's winner was Rafael Nadal, who broke a three-way tie with Novak Djokovic and Roger Federer, and claimed his 21st Calendar Slam where he won all the four major championships in the same sport and in the same calendar year.
You may be wondering what the connection between a tennis tournament and Decentraland is. But this year the Decentraland had been selected as the host for the Australian Open Tournament closing party. This shows a significant pivoting towards the Metaverse.
The whole event has brought massive attention towards MANA; something attributed to the current bullish momentum.