What's Up With Decentraland (MANA) Cryptocurrency Today?

Decentraland (CRYPTO: MANA) soared 23.55% to $0.81 over 24 hours as the buzz surrounding “TO THE MOON,” the world’s first virtual and decentralized music festival, intensified.

What Happened: MANA has shot up 37.31% over a seven-day trailing period. The cryptocurrency rose 26.97% and 25.59% against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) respectively.

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The festival, a collaboration between non-fungible token or NFT marketplace KnownOrigin, Bear NFT, and Illumino NFT collective will be hosted on KnownOrigin’s virtual space in Decentraland.

The event is slated to begin July 11 and will feature live performances by Autograf, Fred Thurst, Ookay, Snbrn, and Win and Woo.

Why It Matters: MANA trading volumes shot up 240.85% to $688.9 million as of press time, as per CoinMarketCap. The cryptocurrency has appreciated 935.14% since the year began.

It is noteworthy that Decentraland is a virtual reality universe, which touts itself as the “first fully decentralized world.”

An exclusive collection of NFTs has been announced and will be available through the festival, as per a Decentraland announcement.

Decentraland is using Ethereum (CRYPTO: ETH) technology to host the event. This year the world’s second-largest cryptocurrency by market cap has gained traction thanks to the buzz surrounding Decentralized Finance or DeFi and NFTs among other factors.

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Goldman Sachs said this week that ETH “currently looks like the cryptocurrency with the highest real use potential.” The investment bank said in a note that ETH could shoot past Bitcoin as the dominant store of value among cryptocurrencies. 

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