Decentraland price is up over 25% today, making it the biggest gainer on Crypto.com. with 24 hour trading volume of $6.9 billion and a market cap of $7.4 billion, it’s clear that Decentraland is racing to the top. Let’s take a closer look at Decentraland and see why its price has risen so much.
What is Decentraland?
To make sure we’re all on the same page, Decentraland is a blockchain-based virtual world that allows users to buy lands, customize them, and interact with other users in the virtual world.
Why is the price of Decentraland rising?
Speaking of Decentraland, the most recent announcement was their partnership with the Barbados government to create the world’s first meta-universe embassy.
Welcoming a country’s government into the metaverse is a first in the cryptocurrency world. Having an official embassy in the virtual universe is sure to bring attention to Decentraland, and cryptocurrencies in general.
With a market cap of $7.4 billion, Decentraland is about to surpass Axie Infinity, one of the largest metaverse projects, which has a market cap of $7.7 billion.
Earlier today, we reported on why Decentraland is the best meta-universe project on the market right now, and the recent price increase only shows that traders agree.
With a fully functional app open to the public since February 2020, it makes perfect sense for Decentraland to establish itself as the leader in the cryptocurrency metaverse space.
Furthermore, Decentraland already has an active user community that is growing every day.
Overall, Decentraland is a great long-term option. As the metaverse craze heats up, leaders in the space will see the most amount of growth.
As the most popular Metaverse project at the moment, wouldn’t be surprised to see MANA’s price double by the end of the year.