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Decentraland (MANA), a virtual reality platform based on the Ethereum network is making huge gains today as the price broke through $0.07, up 212%, and is still rising. Trading volumes also reached $63,000,000 from yesterdays high of $2,583,390 with 45% of trades occurring on the Binance exchange.

The price surge is possibly the result of the latest terraforming event scheduled for December 15th. An auction will take place for allotted land spaces inside the VR platform, where investors stake the Decentraland currency ‘MANA’ in order to secure profitable building sites.

What’s special about Decentraland?

What makes this project uniquely impressive is the way it enables its users to monetize an endless array of constructions that they can create within the space, such as casinos, theme park rides and so on: all the while enhancing the overall experience for its users.

Due to the decentralized features of the blockchain, ownership of these constructions belong exclusively to their creators and cannot be infringed upon by outside parties or the Decentraland team itself. 

Why the recent price surge?

Recent statistics predict the current VR market to be in its infancy, with current market valuations at a modest $11.4billion. However, these figures are forecasted to explode exponentially over the next 5 years with the global market value of over $215 billion, leaving a huge amount of growth to be seen at this stage.

Decentraland’s recent price surge may be a result of excitement around VR, but it could also be a pump and dump, as the Bittrex chart shows a major surge and sharp decline all within a 30-minute period.

However, considering how the price is holding around $0.07 for now, the sharp decline may also be a result of early holders cashing out for profits.

Whether it was a pump or dump or not, now that the coin has managed to gain exposure, it is quite likely that the price might go higher again, or at least stay within this range until the December 15 event.

What can we expect from Decentraland?

The current valuation of Decentraland appears modest at just $0.06, given the huge scope for development of this industry in the coming years. If this cryptocurrency can secure its place in the market at this early stage, we can expect to see huge gains in the future.