Six things to know about Decentraland (MANA) – including 2022 price predictions

DECENTRALAND has been a topic of discussion lately – as it continues to increase in value. 

In the past 24 hours, Decentraland has risen 33% to $3.29, according to CoinMarketCap. 

Furthermore, the cryptocurrency has more than 330% in the past month.

Below we explain a few things you need to know about Decentraland, including the risks to be aware of and where the price might wind up in the future.

1. It recently hit an all-time high 

The wild trading run sent the price of Decentraland to a record of $4.69 late last month.

Up until recent weeks, Decentraland had mostly traded under $1 since late May. 

It hit an all-time high of $1.63 in April – but then crashed a month later.

2. Why it’s been going up lately

Some have been wondering why Decentraland has started a big rally to begin with.

The truth is Decentraland, which is a metaverse token, has Facebook to thank.

This is because Facebook changed its name to Meta – aiming to “bring the metaverse to life.” 

A metaverse is a virtual reality experience where users can interact with others. 

Decentraland uses “MANA,” which is an ERC20 token – meaning it's based on Ethereum’s blockchain.

Another metaverse cryptocurrency that has been gaining is Sandbox, which is up 17% in the past 24 hours.

3. Why Decentraland is so unique

When compared with other cryptocurrencies, Decentraland stands out with its unique trading experience.

Specifically, Decentraland operates as a blockchain-based cryptocurrency that models itself as a “world owned by users.” 

Users can create scenes, graphics, challenges as well as trade digital assets including LAND, estates, and avatar apparel. 

"Even with how nascent this industry is, the serious Decentraland players have managed to create a significant income from buying and selling Nft items," Patrick Moore, founder and creator of Bitcoin and cryptocurrency information website CryptoWhat, told The Sun.

4. The meme coin effect

It remains to be seen if Decentraland turns into the next meme coin of choice for retail investors.

But it has lately picked up some traction from Reddit users via threads lately – which is the same crowd that has pumped up the prices this year for Shiba Inu and Dogecoin.  

Typically, meme coins gain off a social media or an internet-based joke.

Billionaire Elon Musk hasn’t gotten involved yet like he has with Dogecoin and Shiba, but there’s always that possibility.

5. A riskier bet

All cryptocurrencies come with high risks – but it’s taken a step further with Decentraland.