- The number of whale transactions involving MANA has increased in recent days.
- There has been a steady inflow of liquidity into the MANA spot market.
MANA, the token that powers the leading metaverse-based platform Decentraland, has witnessed a significant increase in whale transactions in recent days.
#Decentraland | Whale activity is increasing!
Not only are we seeing a peak $MANA number of whale transactions, but some of the largest whales on the network recently purchased 25 million whales #MANAworth over $10 million. pic.twitter.com/fJVgAU0jtZ
— Ali (@ali_charts) November 8, 2023
Information retrieved from the data provider in the chain Santiment showed that the daily number of whale transactions exceeding $1 million reached a new high on November 6.
This increase in whale activity follows a similar trend in whale transactions above $100,000, reaching a multi-month high a few days earlier, according to data from the same source.
Source: Santiment
MANA turns green
The price increase is due to the general growth of the crypto market since October. According to data, MANA’s share price has risen more than 45% in the past month CoinMarketCap.
As the price of the alt rose, the ratio of daily on-chain transaction volume to profit to loss began to increase.
The reading observed on a 30-day moving average basis was 1.64 at the time of writing. This shows that for every MANA trade that ended in a loss in the past month, 1.64 trades returned a profit.
Similarly, the market value to realized value (MVRV) ratio of the asset observed within the same time frame was 13.31%.
An asset’s MVRV ratio tracks the ratio between the current market price of that asset and the average price of each acquired coin or token of that asset.
If every MANA holder were to sell their tokens at the current market price at an MVRV ratio value above 1, they would realize an average profit of 13% on their initial investments.
Source: Santiment
The price increase and profitable nature of MANA trades saw investors selling their holdings at a profit at the start of the month, but this has slowed in recent days.
A review of the token’s exchange activity showed a 2% drop in MANA’s supply on exchanges since November 5. In the same period, supply outside the stock exchanges increased by 1%.
Furthermore, MANA’s Aroon Indicator, assessed on a 24-hour price chart, confirmed the strength of the current uptrend.
Is your portfolio green? View the MANA profit calculator
The Aroon upline (orange) was 100% at the time of writing. When an asset’s Aroon Up line is near 100, it indicates that the uptrend is strong. And that the most recent high was reached relatively recently.
Finally, the token’s Chaikin Money Flow (CMF) was spotted at 0.39 and in an uptrend, indicating the steady inflow of liquidity needed to support the uptrend.
Source: MANA/USDT on TradingView