Much publicity has been given recently to the metaverse, the virtual worlds built on the blockchain where users can explore, connect with others, and purchase items. Along with Roblox, Decentraland is a pioneer in the virtual reality platform industry. First described in 2017, Decentraland is a virtual world where users can buy, develop, and sell LAND, which represents ownership of virtual “land” in Decentraland. Each segment of LAND is unique and users can determine what they want to create. For instance, some users can choose to create a simple scene while others can decide to build a game. Just like in our world, you need money to purchase the items or experiences you want. So how does one buy things in this virtual economy? In Decentraland, there is no use for dollars or euros; they use MANA. Like Bitcoin, there is a fixed supply of MANA token, which has been set at 2.6 billion. As you can infer, if Decentraland takes off, the MANA currency could potentially soar in value. After hearing about MANA and Decentraland a few weeks ago, I decided to pull up its’ chart. A few things struck my eye immediately. Obviously, the more than threefold move in October is incredibly impressive. It has been followed by a mostly orderly reaction with MANA holding above its’ 20-day EMA, which can be considered normal action. Moreover, MANA has been outperforming Bitcoin and other cryptocurrencies this month, which is another sign of strength. I opened up a position in MANA today as it cleared recent resistance with major volume coming in. It is important to note that this is an extremely speculative and risky trade. Thus, I have a reduced position size and a stop loss below the 20-day EMA to mitigate my risk. MANA is available for trading on the GEMINI exchange. Use this link to earn $10 in bitcoin as a sign up bonus.
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Full Disclosure: I currently own RBLX and MANA.
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