- Decentraland price has crashed by almost 90% from its all-time high.
- The number of users in its ecosystem has crashed hard recently.
Decentraland MANA price has come under intense pressure in 2022 as concerns about the metaverse continue. MANA crashed to a low of $0.6380, which was the lowest level since October 2021. It has fallen by more than 88% from its highest level this year.
Metaverse user growth crashes
On Monday, I wrote about Sandbox, the once-popular metaverse project that has seen the number of active users crash. Unfortunately, the same trend is happening with Decentraland, which was once a leading player in the metaverse industry.
According to Decentraland, its Ethereum version has seen just 1.01k active users in the past 30 days. In this period, there have been just 4.51k transactions in the same period. These users transacted over $55.3k in that time.
Meanwhile, when including Polygon, the network has had over 6.17k users in the past 30 days. These users have transacted volume worth over 103k transactions while the total volume has risen to $120k.
Therefore, there are concerns about how a metaverse project with such a tiny user base has a substantially high market valuation. Its token, MANA, has a total market cap of more than $1.22 billion, making it the 42nd biggest cryptocurrency in the world.
Other leading metaverse and online gaming platforms have seen their number of users crash in the past few months. For example, Axie Infinity has seen the number of users has crashed by more than 49% to 230k in the past 30 days.
Learn more about how to buy Decentraland.
In addition to these platforms, Meta Platforms, formerly known as Facebook, has seen its stock crash by 60% this year. Other companies that were associated with the metaverse like Nvidia and Unity have seen their shares collapse.
MANA price prediction
The daily chart shows that the Decentraland price has been in a strong bearish trend in the past few months. Along the way, the coin has managed to move below the important level at $0.7260, which was the lowest level on Saturday 18th June of this year.
MANA has moved below all moving averages while the MACD has moved below the neutral level. Therefore, the coin will likely continue falling as sellers target the next key support level at $0.50, which is about 23% below the current level.
