Like many other altcoins, Decentraland (WHERE) caught an uptrend. The asset managed to follow the bullish pennant pattern and soar to 80%. Within a week, the MANA rate rose by 313%. Besides, it is worth noting the significant demand for the asset on many cryptocurrency exchanges
Decentraland (WHERE) positions itself as a platform in the field of virtual reality, providing users with the ability to create, use and monetize content and apps. The Decentraland project was created on the basis of the network Ethereum.
But the main reason for the rapid rise of the MANA rate is the metaverse project.. After that, how Facebook announced a rebranding in Meta to bring the metaverse to life, many crypto projects working with metaverses have significantly increased in terms of the rate of their tokens.
The renaming of Facebook was part of a massive change in the direction of the company's development and it chose the metaverse as its new priority.. In September, it was announced about the investment in the amount of $50 millions to metaverse-related partnerships. Its CEO Mark Zuckerberg believes, that metaverse – this is a new frontier, as well as social networks at the very beginning of Facebook's activity.
Besides, the general mood of the market suggests the return of the cryptocurrency market to the bullrun after the recent correction. Another possible reason for the rapid pumping of the MANA rate may be the secret purchase of the asset by whales in anticipation of the imminent start of the altcoin season..
