The leading Metaverse crypto coin Decentraland’s MANA is up over 25% this week as crypto markets are starting to recover and trade sideways. The recent price hike comes amid the AO Metaverse party featuring Steve Aoki, Masked Wolf & Tigerlily. Let’s take a closer look at Decentraland and its token MANA and see why the price is rising so much this week?

What Is Decentraland (MANA)?

Decentraland is a 3D virtual Metaverse accessible via a browser built with the Unity game engine. It’s the leading 3D Metaverse in crypto built on the Ethereum blockchain and features its ERC-20 token MANA.

MANA is the native utility token to Decentraland enabling players to purchase various NFTs and access exclusive experiences.

As the pioneer in Metaverse projects, Dcentraland is the most popular platform for users, featuring dozens of experiences such as Casinos, games, clubs, and more.

You can think of Decentralnad as a blockchain-based VR chat, integrated with the latest crypto trends like NFTs, DeFi, play-to-earn, and GameFi.

Why Is Decentralnad Price Rising?

The biggest news about Decentraland is the Australian Open Metaverse closing party today. Featuring world-class artists like Steve Aoki, there’s no doubt that the recent event contributed to MANA’s current bullish momentum.

The Australian Open is a tennis tournament held annually at Melbourne Park in Melbourne, Australia. It’s one of the largest tennis tournaments in the world, with the prize money set at $75 million for 2022.

The winner for this year was none other than Rafael Nadal, breaking a three-way tie with Roger Federer and Novak Djokovic, claiming his 21st Calendar Slam. A Calendar Slam is achieved when an athlete wins all four major championships in one sport in the same calendar year.

A significant championship pivoting towards the Metaverse and choosing Decentraland to host its closing party is sure to bring massive attention towards MANA, contributing to the recent bullish momentum.

MANA Tokenomics

At the time of writing, MANA is trading at $2.53, up over 3% in the past 24 hours. Its market cap is $4.6 billion, with a 24-hour trading volume of $883 million.

There are a total of 1.82 billion MANA tokens in circulation, and you can purchase MANA on most major crypto platforms like Binance, Coinbase, KuCoin, Crypto.com, and more.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.

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