An analyst at Coin Bureau, with its million-dollar subscription, shares his price analysis for MANA, the native token of virtual gaming world Decentraland. The analyst expects bullishness for this metaverse coin. Cryptocoin. com, we have compiled the details for you, let’s examine the subject together…
Coin Bureau analyst: Significant institutional demand for Decentraland!
In a new video, the Coin Bureau analyst takes a look at the metaverse coin Decentraland and highlights that he expects a rally on it. The analyst reveals several key factors as to why the token maintains its price strength. Coin Bureau analyst explains:
First, the rest of the crypto market continues to recover. Most importantly, Bitcoin dominance is on the decline, meaning money is moving to altcoins like MANA. The amount of money held in Decentraland’s Grayscale Trust has more than doubled since March this year. This indicates significant corporate demand for Decentraland.
The analyst also highlights the sources of the project’s strength
The analyst also points to NFTs, virtual events and decentralized casinos as sources of the project’s strength. According to the project website, it is the first virtual world for Decentraland users. Coin Bureau analyst explains:
Decentraland is controlled through the DAO (decentralized autonomous entity), which owns Decentraland’s most important smart contracts and assets: LAND Contract, Estates Contract, Wearables, Content Servers and Marketplace…
The analyst then highlights the idea of providing interoperability with other metaversions, which Decentraland calls a “game changer.” Coin Bureau analyst explains:
This aims to make Decentraland’s metadatabase interoperable with at least four other crypto metadatabase worlds. This will be done using an advanced protocol called IPSME. No detailed date has been given for this particular offering, but if it lives up to its promises, it will be a game changer for metaverse cryptocurrencies.
Coin Bureau analyst: Metaverse coin is still in its infancy
The analyst concludes by discussing how his initial doubts about the project have softened over time. Coin Bureau analyst explains:
I remember when I first heard about Decentraland I was skeptical about whether it would gain any traction. After all, who needs a virtual world when you can have the real world? As time goes on, it becomes clear that there is value in both. This was evident long before Facebook’s rebranding as Meta, and something no one really noticed until Facebook introduced the metaverse. The crazy thing is that even though Decentraland is one of the oldest metaverse projects out there, it’s still in its infancy. It is incredible to see that the development continues despite all the problems that the project has experienced in the public and behind the scenes. It’s definitely heading in the right direction, and while MANA is overvalued today relative to Decentraland’s fundamentals, it probably won’t be like that tomorrow.
