This year has been a tough sail for Decentraland since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of MANA.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Decentraland to reclaim its all-time high in 2023? Continue with the article to learn about Decentraland price analysis and prediction by Coinpaper.
Read also: How to access the metaverse?
What is Decentraland?
Decentraland (MANA) is a metaverse-like virtual reality platform running on the Ethereum blockchain, where users can create, experience, and monetize content and applications. In this decentralized, interactive world, users can explore, build, and own virtual plots of land and build their virtual real estate. Decentraland uses its own cryptocurrency, MANA, to purchase land and other goods and services within the platform. MANA can also be used to create non-fungible tokens (NFTs), which are used to represent virtual objects such as art, avatars, and more.
Decentraland (MANA) price
Currently, Decentraland Price is USD. MANA has a circulating supply of coins and a total supply of . If you are looking to buy or sell Decentraland, Binance is currently the most active exchange.
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Decentraland price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Decentraland 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Decentraland price at $0.53 to $0.66. On the flip side, a fading interest in the new meme coin may push the price of Decentraland to $0.32-$0.21 lows.
Decentraland price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Decentraland (MANA) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of Decentraland to climb as high as $0.74, with the more distant prospect of reaching $0.93 in 2024. The bearish scenario is likely to see Decentraland (MANA) trading between $0.61 and $0.53 in 2024.
Decentraland price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Decentraland (MANA) price analysis and prediction is based on pure speculation and observation of Decentraland historical price movements.
Our Decentraland 2025 price forecast expects MANA to rally towards $1.32 and reach $1.84 by the end of the year. The bearish scenario would see Decentraland at $0.97 to $0.73.
Decentraland (MANA) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for Decentraland is neutral. In 2026, we expect Decentraland to reach at least $2.45 before climbing higher to $3.33. In case of a bearish scenario, Decentraland may fall to $1.89.
Is Decentraland (MANA) a good investment?
Whether MANA token is a reasonable investment for you depends on your risk profile and how much you intend to invest. Just like most small-cap altcoins, MANA can be an extremely risky investment — its profit potential is huge, but so is the potential downfall. Still, it can be a nice addition to your cryptocurrency portfolio given the still nascent stage of metaverse development and growing interest in the industry.
Bottom line
Are you ready to invest in Decentraland? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy MANA from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created Decentraland?
Decentraland was co-founded by Ariel Meilich and Esteban Ordano
What was the all-time high for Decentraland (MANA) ?
The all-time high price of Decentraland is $ on 2021-11-25
