Why MANA and SHIB Prices Could Be Ready to Rally After Quiet Q3
Decentraland (MANA) and Shiba Inu (SHIB), have managed to gain some ground in terms of whale activity and supply demand despite the sluggish bear market.
The last quarter was weak in terms of price gains. However, surprisingly, altcoins like MANA and SHIB attracted a good deal of market confidence, which was evident in on-chain development.
MANA network continues to grow
Decentraland’s native token, MANA, is currently oscillating close to its lower support level at the $0.69 mark after rising to an all-time high (ATH) of $5.84 in Nov. 2021.
While the token is down 88% from its ATH price, it lost close to 25% throughout the third quarter.
MANA’s technical data does not paint a very bullish long-term picture, as Into the Block data highlights over 210.52K addresses or 80.95% of the total addresses were Out of Money, or underwater, at the publication time price levels.
However, a look at MANA’s supply on exchanges sitting at low levels presented how participants were confident in the token’s future.
MANA’s daily active addresses held well even amid larger bearish conditions highlighting a relatively vibrant network.
Going forward, there seemed to be considerable hope for MANA HODLers with positive sentiment glimmering and network growth finally noting a decent uptick.
In addition to increasing network growth, Decentraland’s unique visitors per day in the 90 days also held well around the 8,000 mark.
Is SHIB price readying to rally soon?
Shiba Inu, the top Doge-killer, was another top altcoin that ran a slow and steady race throughout the last quarter. While down 87.23% from its ATH price, its daily active addresses and network growth have maintained a consistent level throughout the last few months barring a few downticks.
Another bullish long-term sign was the growing number of whales that could be seen in the rising supply distribution by the balance of addresses.
As Shiba Inu keeps coming up with new use cases, the dog-inspired cryptocurrency has managed to stay afloat despite the crypto winter.
In May 2022, the project came up with the idea of allowing holders to use SHIB for purchasing land in the Shiba metaverse. The same further boosted the token’s usability and adoption.
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