Home Altcoin News MANA Up 163% In Just 2 Weeks, As Grayscale’s Metaverse Decision Pays...

MANA Up 163% In Just 2 Weeks, As Grayscale’s Metaverse Decision Pays Off

MANA has climbed 163.5% in just a matter of two weeks following Facebook’s announcement of its plans to be one of the front runners of the metaverse.

MANA Token Gets A Huge Bump

MANA — the digital asset token or currency used to pay for goods and services in Decentraland, runs on the Ethereum blockchain. Used on Decentraland for customizing avatars and purchasing parcels of virtual land, MANA can be traded for fiat currency or other digital currencies.

However, the token got a huge bump following news we reported here at TheCoinrise that Facebook was rebranding and taking up a new name ‘Meta’  to become one of the pioneers of the metaverse. Shortly after that announcement, MANA hit an all-time high of $4.11.

As at the time of writing this however,  MANA — the native token/currency of the Decentraland virtual world in the metaverse and in fact, the only asset backing the Grayscale Decentraland Trust, was up about 28.5% over the last 24 hours, and has settled to $3.70, a 22.3% gain over yesterday. Over the last 14 days, MANA’s price has increased by more than 163.5%, according to data from CoinGecko.

Since the Grayscale Decentraland Trust launched in late February, it has gained 943.8%, 235.9% in just 30 days, and presently has $49.2 million under management.

Grayscale Staking High on The Metaverse

Speaking at the Decrypt and Yahoo Finance ‘Crypto Goes Mainstream’ event earlier this week, Grayscale CEO Michael Sonnenshein, said that the firm has noticed a really strong receptivity to its Grayscale Decentraland Trust as a not-so-active way for investors to gain exposure to the metaverse.

He went on to explain how the Grayscale Decentraland Trust has been an interesting way for investors, who don’t necessarily want to be actively managing an Axie Infinity account or building and selling scenes for MANA, to get exposure.

Sonnenshein then claimed that, a brilliant way for investors to think would be to start investing in an asset that is going to potentially appreciate with the rise of a metaverse like Decentraland itself.

In conclusion however, he says that is just one of many applications, as Grayscale is always on the lookout for other assets they can bring to their investors.