- Decentraland is on the brink of a significant update that may enhance the performance of its MANA token.
- This Tuesday, the platform is set to release the beta version 2.0 of its virtual reality environment, featuring extensive upgrades in graphics, social interaction, and overall performance.
MANA Token’s Disappointing Performance
Since peaking at an all-time high of $5.90 three years back, Decentraland’s cryptocurrency related to the metaverse has been experiencing a steady decline. Currently, trading at $0.31 per MANA, it has lost approximately 95% of its value since that record high.
MANA’s price action has also depicted minimal movement recently, with only about a 3% increase over the week, 2% over the month, and 5% over the year.
As of 10:00 AM UTC this Tuesday, MANA was nearly 5% lower than it had been the previous day, coinciding with a more than 32% drop in its trading volume. Nonetheless, TradingView has recently pointed out some positive developments for the token.
This Tuesday, MANA received an overall “Strong Buy” signal from TradingView’s one-day short-term moving average (MA) indicators. Both the exponential and simple MA variations across 10, 50, and 100 days were indicating a “Buy” signal.
However, these optimistic indicators come with warnings. Both the 200-day exponential and simple MAs suggested a “Sell” rating. Similar bearish signals were present in both weekly and monthly trends.
Launch of Decentraland 2.0
In spite of MANA’s concerning recent performance, Decentraland has spent almost a year working on its version 2.0.
As announced in a recent press release, the beta launch of Decentraland 2.0 is scheduled for this Tuesday at 6:00 PM UTC. This upgrade is expected to introduce “significant enhancements” within the Ethereum-based virtual world.
This substantial update aims to improve visuals and user experiences on desktop clients, striving to draw a larger audience into its ecosystem while offering current users better engagement and interactivity options. Enhancements to social features will include notable upgrades to the badge, voice chat, and quest systems.
Additionally, this overhaul is designed to accommodate an increased number of users, both new and returning, with the Decentraland team ensuring thorough testing showed no performance issues.
Moreover, Decentraland 2.0 provides new tools for creators in its metaverse, enabling them to construct more intricate worlds and offering improved reward systems. According to the Decentralized Autonomous Organization’s (DAO) whitepaper, creators within this metaverse can retain 97.5% of their earnings, which is crucial for fostering Decentraland’s digital economy.
