In 2021, conversations held around the metaverse and virtual reality were at their peak, even in the cryptocurrency space. This heightened talk was one reason why tokens like Decentraland [MANA] and The Sandbox [SAND] reached considerable All-Time Highs (ATH).
How much are 1,10,100 MANAs worth today?
However, the unfavorable market condition seems to have derailed efforts, as many of these tokens dipped severely from their crests. But in new circumstances, Bloomberg’s 23 January new report revolving around Apple’s Virtual Reality (VR) devices could offer a breath of revival.
The devices billed to be released later in the year have been followed with much anticipation with MANA investors expecting a positive outcome of it. But why MANA?
The Decentraland project is built around a virtual reality experience, with its token being on the Ethereum [ETH] blockchain. In 2023, MANA accompanied the rest of the market, building an incredible 118.49% value increase in the last 30 days. So, with the incoming VR launch, will MANA exceed expectations again?
On the daily timeframe, the Exponential Moving Average (EMA) indicated that the MANA could possibly price higher in the long term. This was because the 200 EMA (purple) positioned over both the 20 (blue) and 50 (yellow) EMAs. Based on crossovers and divergences, the stance indicated that the MANA price action could switch to being bullish.
However, there is no certainty that the greens would result from Apple’s impact. At the same time, one cannot write off the influence, especially as AI-linked tokens like Fetch.ai [FET] gained following the increased adoption of ChatGPT. So, there could be a chance that MANA picks up a rally, since Apple plans on a cheaper version of the device later in 2024.
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Meanwhile, Apple is not the only tech firm involved in building VR Products. Mark Zuckerberg-led Meta has been on the course for some time. Although, there has been no notable breakthrough from the company’s end that metaverse token could benefit from.
Additionally, one reason why MANA experienced upticks in the last few weeks was due to its volume. According to Santiment, the token’s trading volume hit over a billion dollars several times during the period.
But at press time, it has decreased to 230.37 million. The decrease implied that investors had shown that transacting via the Decentraland network. This has also been reflected in the 30-day Market Value to Realized Value (MVRV) ratio.
Since the MVRV ratio was down to 46.01%, it meant that holders have made less gains recently. But the MVRV ratio state also signaled a possible accumulation period with a decreasing motive for selling pressure. So, as the metaverse technology market expands, tokens like MANA have a chance to move with the boost.