Decentraland Market Cap Plunged More Than $800 Million in May

Decentraland (MANA) Market Cap Plunged More Than $800 Million in May

Decentraland (MANA) was among the many tokens that have been hit arduous throughout the market crash of May, seeing greater than $500 million wiped off its market worth. 

MANA remains to be among the many 40 largest digital property by market capitalization in June 2022. According to Be[In]Crypto Research, MANA closed May with a market capitalization of roughly $2 billion.

While this quantity appears spectacular because it confers a medium-cap standing for MANA, it was a 29% lower from the market worth on the primary day of the month. On May 1, Decentraland noticed a powerful buying and selling quantity of round $315.18 million, and this corresponded to a market capitalization in the area of $2.83 billion. 

Source: Decentraland (MANA) Historical Data by CoinMarketCap

Why the crashing market capitalization? 

Recession indicators such because the aggressive rising of rates of interest, instability introduced forth by regulatory hurdles, inflation, renewed curiosity in much less unstable property equivalent to treasured metals, payments, and bonds, and a plunge in the inventory market noticed MANA’s market cap fall to new lows.

In May, the variety of giant transactions involving MANA reached a peak of 272 at a worth of $1.21 on May 14. 

Source: MANA Number of Large Transactions May 2022 Chart by Into the Block

During the month, the most important transaction quantity involving MANA was 98.01 million.

Source: MANA Large Transactions Volume in MANA Chart by Into the Block

This corresponded to a complete quantity of roughly $74.43 million.

Source: Decentraland (MANA) Large Transactions Volume in USD Chart by Into the Block

On May 12, MANA opened at $0.7809, reached an intraday excessive of $0.8244, examined an intraday low of $0.6307, and closed the day at a buying and selling worth of $0.7081. 

The buying and selling quantity for the day was $564.60 million and this correlated to a market capitalization of $1.31 billion, a 53% lower from the opening day’s market worth. 

Due to the drop in worth that noticed MANA attain new excessive lows which have been final examined in Sept 2021, the token couldn’t reclaim its opening day’s worth. 

MANA opened on May 1, at $1.43, reached a month-to-month excessive of $1.67, examined a month-to-month low of $0.6307, and ended the month with a buying and selling worth of $1.09. Overall, this represents a 23% lower in the opening and shutting worth of MANA in May. 

Source: MANA/USD Chart by TradingView

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