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

Decentraland MANA/USD 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 BTC/USD and Ethereum ETH/USD respectively.

See Also: How To Buy Decentraland Tokens (MANA)

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.

MetaVerse Music Festival
Live DJ Sets, dancing & kick ass visuals!
Come hang out with us!
Join us 11 July @decentraland https://t.co/jYobQ6GCZP

— KnownOrigin.io (@KnownOrigin_io) July 4, 2021

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 ETH/USD 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.

See Also: Beeple Says NFT Art Is 'Absolutely' In A Bubble After Making $69M In Such A Sale

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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