L.A.G.O.S. (CoinChapter.com) — Decentraland (MANA) has surged by 6% in the last 24 hours after it successfully hosted the first-ever Metaverse Fashion Week.
The MANA token price rallied as the cryptocurrency market recovered from its recent crash. The 40th largest cryptocurrency, MANA, was currently trading at $2.77, up more than 16% over the past week, data from CoinGecko revealed.
The surge took MANA’s month-to-date and year-to-date gains to more than 6% and over 145%. Decentraland’s token now has a circulating supply of 1.5 billion MANA coins and a market cap of $4.2 billion.
The latest upswing has propelled the token above the long-standing trendline that has been in play since late 2021. Notably, by breaking past the $2.5 mark that previously acted as resistance, MANA could invalidate the downward trend that has previously governed its price action.
MANA is still down more than 50% from its all-time high in November despite the rise. However, the metaverse market cap has surged by 8.5% in the last 24 hours and is currently sitting at $21.8 billion.
Decentraland Metaverse Fashion Week Aided Growth
Decentraland hosting the first-ever Metaverse Fashion Week has been credited as one of the catalysts for the token rise.
The four days event has in participation major luxury brands and world-renowned designers. Including Dolce and Gabbana, Chanel, Giuseppe Zanotti, D.K.N.Y., Estee Lauder, etc.
Users at the fashion week were able to purchase virtual objects in non-fungible tokens (NFTs) with MANA. Customers can also convert these items to physical items at the stores.
The Metaverse Fashion Week boosted the popularity of Decentraland amid the launch of new NFT projects and the sale of virtual lands.
Zanotti partnered with NFT collective DeadFellaz and fashion marketplace Neuno to roll out 1,000 digital wearables of his signature Cobra sneaker in a zingy parakeet green colorway.
Also, Philipp Plein bought $1.4 million worth of virtual land in Decentraland to build a 120-foot tall skyscraper. Tagged the ‘Plein Plaza,’ the location will also have a fashion gallery named the Museum of NFT Arts (M.O.N.A.).
Additionally, multinational skincare, makeup, and fragrance maker Estée Lauder was the only beauty brand participating in the virtual event.
Google trends for ‘metaverse’ booms
Meanwhile, Decentraland’s Metaverse Fashion Week caught the attention of many individuals as their search for the term “Metaverse Fashion Week” skyrocketed.
According to data from Google Trends, the search for Metaverse Fashion Week went up from 59 on March 19 to 100 on March 26. Notably, Google Trends uses numbers to represent search interest, with ‘100’ as the peak popularity for the specific term.
Data from Google Trends also indicated that the search for the keyword “Decentraland” increased from 14 on March 19 to 15 on March 26.
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