Home / Price Predictions / Decentraland Price Prediction 2024: Can MANA Lead GameFi Revival?

Decentraland Price Prediction 2024: Can MANA Lead GameFi Revival?

Last Updated February 21, 2024 8:31 AM
Peter Henn
Last Updated February 21, 2024 8:31 AM
By Peter Henn
Verified by Peter Henn

Key Takeaways

  • Decentraland’s MANA token was back in the headlines in mid-2023 when the platform launched a game creation session.
  • All the GameFi-related tokens are experiencing a surge in value.
  • MANA shot up by more than 4,000% in 2021 but crashed by about 90% the following year.
  • One price prediction says it may reach $1.90 next year.

The momentum is clearly favoring a newer wave of GameFi projects. Platforms such as IMX, and EGLD are dominating the landscape.

However, not all GameFi projects are the same. One of the most notable platforms is Decentraland, which came to prominence during the metaverse boom of 2021.

Decentraland did not immediately respond to a request for comment.

But what is Decentraland (MANA)? How does Decentraland work? Let’s see what we can find out, and also take a look at some of the Decentraland price predictions that were being made as of February 21, 2024.

Decentraland Price Prediction 

With that all over and done with, let’s cast our eyes over some of the Decentraland price predictions that were being made on February 21, 2024.

Keep in mind that price forecasts, especially for something as potentially volatile as cryptocurrency, have a high likelihood of being wrong. Also, it’s worth pointing out that many long-term price predictions are made using an algorithm, which means that they can change at any time.

2024 2025 2030
Prediction #1 $1.40 $1.90 $4.39
Prediction #2 $1.07 $1.27 $3.66
Prediction #3 $1.13 $1.47 $3.16

First, CoinCodex  had a pretty optimistic short-term Decentraland price prediction. The site said that it would step up to $ 0.546277 by February 26 and then climb a bit to $ 0.542187 by March 20.

The site’s technical analysis was neutral, with 23 indicators sending bullish signals against 10 making bearish ones. 

Decentraland Forecast for 2024

As far as other Decentraland price predictions for 2024 were concerned, Bitnation  said that the token could reach $1.40 this year, while DigitalCoinPrice  was even more upbeat, saying it would trade at $1.07. CaptainAltcoin , on the other hand, said that things would get worse before they got better, predicting MANA to go to $1.13 at the end of the year.

Decentraland Forecast for 2025

When it came to making a Decentraland price prediction for 2025, the general consensus was for MANA to climb above the dollar, with CaptainAltCoin predicting it would reach $1.47, DigitalCoinPrice arguing for $1.27 and Bitnation making a MANA price prediction that says it will be worth $1.90 next year.

Decentraland Forecast for 2030

In terms of a more long-term Decentraland price prediction, DigitalCoinPrice was the most optimistic, saying the token would be worth $3.66, while Bitnation saw it trade at $4.39. CaptainAltCoin, on the other hand, was far more reserved. The site claimed MANA would trade at $3.16 by the end of the first year of the next decade.

Google Gemini AI Price Prediction for Decentraland (as of February 21)

Google’s Gemini AI platform gave the following price prediction for Decentraland on February 21. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next 3 months)

  • Expected price: $0.57
  • Factors to Consider:
    • Overall cryptocurrency market sentiment: If the entire crypto market experiences a downturn, MANA is likely to follow suit.
    • Adoption and development of Decentraland: Increased usage and positive developments within the platform could boost the price.
    • Regulatory landscape: Any regulatory changes related to cryptocurrencies could impact the price.
    • Unforeseen events: Black swan events or unexpected news can significantly impact the price.

Medium Term (Next 6 months)

  • Expected price: $0.77
  • Factors to Consider:
    • Overall cryptocurrency market sentiment: If the broader crypto market experiences a bull run, MANA could benefit alongside other coins. Conversely, a bear market could see MANA’s price fall.
    • Development and adoption of Decentraland: If Decentraland continues to attract users, businesses, and developers, its price could rise. Conversely, if adoption stagnates, the price could fall.
    • Regulation and legal landscape: Regulatory uncertainty surrounding the metaverse and cryptocurrencies could negatively impact MANA’s price.
    • Competition from other metaverse projects: The success of competing projects could affect Decentraland’s market share and price.

Long Term (Next 5 years)

  • Expected price: $7.81
  • Factors to Consider:
    • Metaverse Adoption: Increased interest and utilization of the metaverse could significantly boost Decentraland’s value.
    • Regulations: Government regulations and policies towards cryptocurrencies can significantly impact their price.
    • Competition: Other metaverse platforms and cryptocurrencies could compete for market share, affecting Decentraland’s price.
    • Overall Market Sentiment: Bullish sentiment towards cryptocurrencies can generally drive prices up, while bearish sentiment can cause price drops.

MANA Price History

It’s now time to talk about the Decentraland price history . While past performance should never be taken as an indicator of future results, knowing what MANA has done in the past can help give us some very useful context if we want to either interpret or make a Decentraland price prediction.

MANA first came onto the open market in September 2017, soon dropping to trade at an all-time low of $0.007883 on 13 October 2017, before spending much of the next three years or so between $0.01 and $0.10. 

After closing 2020 at $0.07825, things started to build in 2021, with it going above the dollar in the middle of March to peak at $1.58 in late April. By the summer, the market had slowed, and MANA sank to $0.58 in June. 

Early September saw it go back above the dollar again before it dropped only to shoot up in late October and November, reaching an all-time high of $5.90 on 25 November. Concerns about the Omicron variant of Covid-19 slowed the market down, though, and it closed the year at $3.27, more than 4,000% higher than where it had been a year earlier.

Decentraland in 2022

If 2021 was a year of massive gains, 2022 saw Decentraland suffer losses. The market had already been sluggish when the Terra blockchain collapsed in May, sending MANA down to below $1 for the first time in more than a year and, although it was able to stage something of a fightback over the summer, it last traded above the dollar in the middle of August.

Come November, the bankruptcy of the FTX exchange came as another blow and MANA struggled, closing the year at $0.297, having lost more than 90% over the course of the year, a time when the market as a whole dropped by around 65%. 

Decentraland in 2023 and 2024

2023 has been a little better, although we are a long way from where overenthusiastic crypto “experts” dubbed the Metaverse a harbinger of a fourth industrial revolution.

The token climbed up early on in the year, reaching $0.8178 on 23 February but then it slid down, reaching a low of $0.317 on 10 June as the market was shaken by the news that Crypto.com had suspended its US institutional operations in the wake of the SEC’s lawsuits.

Decentraland price history
Decentraland in 2023 and 2024 | Credit: CoinMarketCap

By 23 June, though, it had made a small recovery of sorts and was trading at about $0.378. It then ended the year at $0.5206 before spending quite all January 2024 at $0.4. MANA spiked up a bit in February, reaching $0.5153 on February 21, 2024.

At that time, there were about 1.89 billion MANA in circulation out of a total supply of around 2.19 billion. This gave it a market cap of about $945.5 million, making it the 78th largest crypto by that measurement.

 Is Decentraland a Good Investment? 

It is difficult to tell at the moment. Keep in mind that MANA is not only a long way from its record price, but also that metaverse cryptos were even more badly affected by the crashes of 2022. The fact that the SEC considers it to be an unregistered security, which could be interpreted as kicking a man while he’s down, might just make things worse. 

On the other hand, there is enough of a fanbase to allow Decentraland to have a game-making experience, and both cryptos and other things which people had long thought had had their time have made a comeback, so it might be that this current state is the lull before the storm of a metaverse renaissance.

Either way, you will have to do your own research before you decide whether or not to invest in Decentraland.

Will Decentraland go up or down?

No one knows for sure right now. Although the Decentraland crypto price predictions are largely optimistic at the time of writing, price predictions have a well-deserved reputation for being wrong. Remember, too, that prices can, and do, go down as well as up. 

Should I invest in Decentraland?

Before you decide whether or not to invest in Decentraland, you will have to do your own research, not only on MANA, but also on other, similar coins and tokens, such as The Sandbox (SAND). Most importantly, though, you must make sure you never invest more money than you can afford to lose. 

Decentraland (MANA) explained

The Metaverse, the idea that we can create an online world where people can interact with each other through avatars, was a big deal in 2021. With the growth of non-fungible tokens (NFTs) at the same time, there were plenty of people who were convinced that the Metaverse was here to stay and that it was The Future.

Unfortunately, the crypto crashes of 2022 put paid to that. Metaverse coins and tokens taking the brunt of some disastrous losses. However, there are still some metaverse cryptos which continue to have a following, with one of the biggest being Decentraland ‘s MANA.

Decentraland was founded in 2015 by two Argentinians, fintech expert Ariel Mielich and blockchain specialist Esteban Ordano. The pair wanted to create an online world which was not under the control of one person or organization, hence the name.

Decentraland is supported by the MANA cryptocurrency. In order to do things in Decentraland, people need to hold MANA.

How Decentraland Works

The Decentraland platform features 90,601 pieces of land. People can use MANA to buy these and can decorate them with NFTs which can be bought, again with MANA, on the Decentraland Marketplace. 

MANA holders can also vote on changes to the network, and they have the right to change their avatars. They can also take part in auctions for Decentraland’s other cryptocurrency, LAND, which is used to track the ownership of the land in Decentraland. 

It is worth noting that MANA, which can be bought, sold, and traded on exchanges, is based on the Ethereum (ETH) blockchain. This means that it is a token, rather than a coin. You might see references to such things as a Decentraland coin price prediction, but these are wrong.

Decentraland Attention Tracker

Decentraland Google search volume
Decentraland Google search volume | Credit: Google

Here is a chart for the Decentraland Google search volume for the past 90 days. This represents how many times the term “Decentraland MANA” has been Googled over the previous 90 days. 

FAQs

How many Decentraland are there?

As of February 21, 2024, there were about 1.89 billion MANA in circulation out of a total supply of around 2.19 billion.

Can Decentraland reach $10?

It might do but, if it does, it will not be for quite a long time. The most optimistic long-term MANA price prediction comes from PricePrediction.net, which says it will get to $10 in 2032.

Keep in mind that $10 is considerably higher than the token’s record price of $5.90, which it reached in November 2021. 

What is Decentraland used for?

The MANA cryptocurrency is used to buy items and land in the Decentraland metaverse. The token’s holders can also vote on changes to the platform, and it can be bought, sold, and traded on exchanges.

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.