Decentraland native token MANA and Shiba Inu (SHIB) outpaced growth on eToro is attributed to the increasing interest in the metaverse.
eToro, in a report, says that MANA and SHIB saw the biggest year-on-year surge in hodlers in the most recent quarter. It rose 437% and 269% apiece, respectively, compared to Q3 2021. The retail trading platform also noted increases in Enjin (ENJ), Polygon (MATIC), and Basic Attention Token (BAT) – 229% and 107%.
Simon Peters, eToro crypto market analyst, said the rise of MANA suggests that the metaverse has become a key theme of the crypto market in 2022 despite the bear market. He believes the metaverse has been a major new frontier. It’s reflected in the exponential growth in open positions of MANA. Despite the crypto markets being in a difficult position in recent months, the fastest risers show real interest in some of the most innovative projects in the past year.
The report noted that while SHIB is primarily a meme coin, the dog-inspired cryptocurrency gained a new use case in May 2022. Hodlers can use the Shiba Inu to purchase land in the Shiba metaverse. The meme coin is also involved in an upcoming mobile NFT game called Shiba Eternity. It will be compatible with the Shiboshi NFTs.
eToro’s report also highlighted that the top 10 most-held assets on the platform remain unchanged over the past year. The three top spots have been taken by Bitcoin, Cardano, and Ether, while SHIB is sixth and MANA 10th. The increase in MANA token comes despite Github showing only 467 people online using the platform. CoinGecko highlights MANA as the 46th largest crypto asset in terms of market cap.