• Decentraland [MANA] added new features for users on its ecosystem at the start of 2023, such as linking profiles, differentiating nametags, and highlighting avatars.
• MANA’s seven-day performance produced a 41% uptick, however its condition on-chain brought doubt to the sustenance. The Awesome Oscillator projected possible consolation in the next few days.
• According to Santiment, the token’s network growth was at its lowest since October 2022, development activity was trending downwards, and one-day circulation was 2.43 million.
At the start of 2023, Decentraland [MANA] added several new features to its ecosystem, which promised to enhance the user experience. According to the announcement, the DCLcitizens, as they are popularly called, will now be able to link profiles, differentiate nametags, and also highlight avatars. These new features are expected to help users better manage their virtual world, as well as create a more immersive and engaging experience.
Despite the addition of these new features, the performance of MANA on the market brought doubt to the sustenance of the token. According to CoinMarketCap, MANA’s seven-day performance produced a 41% uptick. The token also followed up with a surge, registering a 10.01% increase in the last 24 hours. However, its condition on-chain brought into question the sustainability of the token’s performance.
Santiment’s data showed that MANA’s network growth was at its lowest since October 2022. At 118, the decrease explained how Decentraland had been losing out to competitors per adoption and its resolve to gain traction. The on-chain platform also showed that development activity within the MANA ecosystem was not one to be invigorated. At press, development activity on its chain was trending downwards despite a notable increase recently. This raised questions about Decentraland’s dedication to upgrading the project.
Furthermore, Santiment’s analysis also revealed that one-day circulation was 2.43 million at the time of writing. This indicated that only a few users had been transacting with MANA. The Awesome Oscillator, however, projected possible consolation in the next few days.
It is thus unclear whether these new features will be enough to sustain the performance of Decentraland’s token. Whether users will embrace the new features or not is yet to be seen. However, one thing is certain: the development team at Decentraland is committed to creating a better virtual world for its users. With the addition of these new features, the team is hoping that users will be able to better manage their virtual world and create a more immersive and engaging experience.