• Decentraland’s native token, MANA, has gained 17.59% in the last 24 hours.
• MANA has grown by 95% in the last month and has been in the green for 14 of the previous 16 days.
• The recent U.S. economic data is the reason why the increase in MANA price.
The cryptocurrency market has seen a strong performance since the start of the new year and Decentraland’s native token, MANA, has been among the most successful tokens. In the last 24 hours, MANA has gained 17.59%, making it one of the top 100 cryptocurrencies. This is a stunning achievement considering that the token has grown by 95% in the last month and has been in the green for 14 of the previous 16 days.
The recent U.S. economic data is the driving force behind the increase in MANA price. According to data released last week, US inflation has been trending downward over the past few months. From its all-time high of 9.1% in 2022 down to 6.5% in December of that year, the Bureau of Labor Statistics reports a dramatic decline in the consumer price index (CPI) for the United States. This data suggests that the efforts of the U.S. Federal Reserve (Fed) to bring down inflation are working and the market is feeling more optimistic as the chances of a monetary policy pivot are increasing.
The bullish sentiment in the crypto markets is also driven by positive macroeconomic news. The US government released its monthly jobs report which showed an increase in employment and wages. This is a sign of a strong economy and the cryptocurrency market is reacting positively to this news.
Investor confidence in the crypto markets is also increasing as the Biden administration has promised to increase the U.S. dollar’s purchasing power. This could lead to a currency devaluation which could be a major boon for cryptocurrencies as it would increase demand for digital assets as a store of value.
In addition, Decentraland has been making significant progress with its virtual world platform. The platform has seen an increase in users and the introduction of new features such as the ability to create and trade virtual land parcels. This is creating an ever-growing user base and is likely to drive up demand for MANA as the platform continues to evolve.
As more investors become aware of the potential for Decentraland and its native token MANA, demand for the token is likely to increase. If the U.S. economic data continues to be positive, investor sentiment is likely to remain strong and MANA could continue its upward trend.