Immutable [IMX] and Decentraland [MANA] are two prominent crypto assets in the gaming sector, with IMX leading the pack with a market cap of $3 billion, compared to MANA’s market cap of $800 million. According to a post by Santiment, MultiverseX [EGLD] showed the highest development activity, but Decentraland was not far behind, surpassing IMX in this aspect. This raises the question of whether investors should consider shifting their focus towards Decentraland in light of its impressive development activity.
However, despite the positive development activity, social metrics for both tokens were relatively weak. AMBCrypto compared the social volume and weighted sentiment of IMX and MANA, noting a downtrend in social volumes for both tokens over the past month. The weighted sentiment for MANA was -0.77, indicating a bearish sentiment, while IMX fared slightly better at -0.41. This lack of social media hype poses a challenge for both tokens in terms of attracting bullish momentum and could hinder any potential recovery in the near future.
In terms of mean coin age, IMX and MANA both saw a decline in their 30-day MVRV ratio, indicating that short-term holders were at a loss due to recent retracement. The mean coin age of Immutable has been on an upward trend since late March, suggesting an accumulation phase, while Decentraland’s mean coin age has decreased over the past two weeks, indicating selling pressure and significant token movement. This analysis suggests that IMX may have a more bullish outlook in the coming weeks compared to MANA, making it a potentially more attractive option for swing traders.
Another factor that MANA holders need to consider is the token’s second bull run, which could lead to profit-taking or selling pressure from holders who bought in late during the previous rally. This could hinder any bullish attempts to break out and weaken the price rally when it occurs. Overall, the comparison between IMX and MANA highlights the importance of considering various factors beyond just development activity when making investment decisions in the gaming sector.
Discussion about this post