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MANA Makes Its Way Back To CMC’s Top 50 List After 23% Spike

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MANA Makes Its Way Back To CMC’s Top 50 List After 23% Spike

    • The native cryptocurrency of the metaverse Decentraland, MANA, has made its way back to CoinMarketCap’s top 50 cryptos list.
    • MANA is also included in CoinMarketCap’s trending list.
    • The next continuation of the reversal of the long-term bear run will be the 8 EMA crossing above the 20 EMA.

The native cryptocurrency of Decentraland, MANA, has made its way back to CoinMarketCap’s top 50 cryptos list. MANA is also included in CoinMarketCap’s trending list and is number 11 on the list.

The list ranks crypto projects according to their market cap. In the last 24 hours, MANA has made its way back to the list after dropping a couple of positions during the recent crypto market crash.

However, the coin seems to be making a bit of recovery as it now fills the 33rd position on the crypto market tracker’s list.

MANA price up 23% in the last 24 hours (Source: CoinMarketCap)

As a result of MANA’s price increase in the last 24 hours, its market cap now stands at around $2,315,834,285 – ranking the metaverse token just under ApeCoin (APE) at number 32 and just above Hedera (HBAR) at number 34 on the list.

The daily trading volume for MANA has also doubled and totals $1,839,875,426 at the time of writing.

It’s uncertain if MANA can keep its momentum (Source: TradingView)

Looking at the daily chart for MANA, there has been a surge in buy trade volume in the last 36 to 48 hours. However, MANA is not out of the clear yet as its price ticks just above the 8 EMA.

If MANA’s price is able to stay above the 8 EMA then we could see MANA’s short run continue. The next level that MANA will need to test is around $1.37. This is also the current level of the 20 EMA.

Another possible indication that MANA’s run will continue is if the 8 EMA crosses over the 20 EMA – signaling a bullish reversal of the trend seen in the last few weeks.

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Cryptocurrency

Candidate supported by Bankman-Fried-linked PAC loses Oregon primary

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Candidate supported by Bankman-Fried-linked PAC loses Oregon primary

Andrea Salinas has won the Democratic primary election for the newly created Oregon 6th District seat in the United States House of Representatives. Practically since it started, the election race was the object of intensive media attention, which most often centered around Salinas’ opponent Carrick Flynn, whose campaign was generously funded by the Protect Our Future political action committee (PAC) backed by billionaire FTX CEO Sam Bankman-Fried. The PAC paid for a flood of advertising supporting Flynn.

Salinas won the seat with 38% of the vote, while Flynn came in second at 19%, with the remaining votes split among seven other candidates.

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Cryptocurrency

Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

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Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

In times of high stress and market turmoil, sports entertainment has served as a valuable escape for people around the world as they get a chance to root for their favorite players and teams while briefly forgetting about the worries of the world.

Amid the ongoing market volatility and falling crypto prices, sports fans have cause to rejoice as multiple fan tokens have bucked the downtrend on May 18 to post 40% plus gains.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

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Cryptocurrency

Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

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Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

The past week has not been an easy one. After the collapse of the third-largest stablecoin (UST) and what used to be the second-largest blockchain after Ethereum (Terra), the depeg contagion seems to be spreading wider.

While UST has completely depegged from the U.S. dollar, trading at sub $0.1 at the time of writing, other stablecoins also experienced a short period where they also lost their dollar peg due to the market-wide panic.

USDT/USD last week from May. 8–14th. Source: CoinMarketCap
FRAX, MIM, FEI and LUSD price from May. 9 – 15th. Source: CoinMarketCap

Asset-backed stablecoins were in favor during downturn, except for USDT

USDT, USDC and DAI hourly price. Source: CoinGecko API
Curve DAI/USDC/USDT 3Pool proportion. Source: @elenahoo Dune Analytics
Curve DAI/USDC/USDT/sUSD 4Pool proportion. Source: @elenahoo Dune Analytics

Are algorithmic stablecoins finished?

Curve FRAX/3CRV 3Pool proportion. Source: @elenahoo Dune Analytics
Curve MIM/3CRV 3Pool proportion. Source: @elenahoo Dune Analytics

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