The Shiba Inu Hype Train Looks Tempting, but These 2 Metaverse Cryptos Are Better Buys Now

Keith Noonan (Decentraland): Interest in virtual worlds is surging, and Decentraland has established itself as an early mover and top player in the blockchain-based metaverse category. Users can navigate the platform's virtual space, purchase property, and outfit their land and personal avatars with non-fungible tokens (NFTs) and other digital goods. MANA is the cryptocurrency used for making transactions in the Decentraland world, and it has posted stellar gains thanks to excitement surrounding the platform and investors betting that the token has more explosive growth ahead.

Will Decentraland become the biggest overall player in the metaverse space? Probably not. With competitors including Meta Platforms' Facebook, Microsoft, Nvidia, and many other deep-pocketed tech giants eyeing the category as a key growth opportunity, Decentraland remains an underdog in the broader category.

For investors buying the MANA token, the good news is that Decentraland might only need to capture a small portion of the overall pie in order to deliver strong returns. Epic Games CEO Tim Sweeney has stated that the metaverse has the potential to be a multitrillion-dollar annual revenue opportunity, and there's incredible momentum building in the space.

With a market capitalization of roughly $6.2 billion, investors should proceed with the understanding that Decentraland and its MANA token have already benefited from a dramatic surge of speculative investment. In addition to the potential effects of twists, turns, and competitive developments in the metaverse space, the token's valuation will likely also be impacted by swings in the overall crypto space.

That being said, the MANA token has a superior fundamental valuation case compared to Shiba Inu and other meme-focused cryptocurrencies, and the metaverse-focused digital currency could post more big gains if the platform continues to attract users.