- Decentraland provided clarification regarding its dealings with Genesis.
- MANA’s price continued to surge but metrics were bearish.
Merkezsiz bölge [MANA] recently revealed its stand on the ongoing Genesis episode, providing clarity to the network’s investors and users. As per an official tweet on 21 January, the Decentraland Foundation had a credit of around $7.8 million against Genesis.
Tam açıklama: Decentraland Foundation'ın Genesis'e karşı bugün itibariyle yaklaşık ~7.8 milyon ABD Doları tutarında anapara kredisi bulunmaktadır. Hazine sağlıklı durumda ve kredi tutarı Vakıf hazinesinin önemli bir bölümünü temsil etmiyor.
- Merkeziyetsiz (@decentraland) Ocak 20, 2023
Okumak Decentraland [MANA] Fiyat Tahmini 2023-24
However, Decentraland clarified that the credit amount did not represent a substantial part of the Foundation’s treasury. After Genesis was accused of illegal cryptocurrency trading by The Securities and Exchange Commission (SEC) of the United States, many believed that this would be the next domino to fall after the major collapse of FTX a few months ago.
Moreover, members of the Decentraland DAO, whose members were part of the Decentraland community, had no relationship with Genesis. However, in a surprising turn of events, the tweet laid out that any mentions of the Decentraland Foundation or its officers in reports on the Genesis crisis, which conflicted with the contents of the release, were false.
Decentraland’s stand is clear
Fortunately, the Genesis episode did not seem to affect MANA‘s price, as it continued to rally. CoinMarketCap’s veri revealed that MANA registered over 15% daily gains, and at the time of writing, it was trading at $0.735 with a market capitalization of more than $1.5 billion.
Portföyünüz yeşil mi? kontrol et Decentraland Kar Hesaplayıcı
Here is the bad news
Süre MANA’s price was increasing, the on-chain metrics told a different story. For instance, MANA’s MVRV Ratio declined over the last week. The development activity also followed the same route and went down, which is a negative signal for a network.
CryptoQuant'ın veri revealed that MANA’s exchange reserve was increasing, suggesting higher selling pressure. Not only that, but MANA’s Relative Strength Index (RSI) and Stochastic were both in overbought positions, which might further increase the selling pressure and result in a price decline soon.
Source: https://ambcrypto.com/decentraland-reveals-credit-against-genesis-should-investors-be-worried/