Decentraland (MANA)
Pioneer decentralized metaverse with DAO governance that peaked in 2021 hype; now averages under 1,000 concurrent users despite $165M market cap
Ranked 241st of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
MANA scores 66 of 250 across the 25-variable framework, which places it 241st of 251 rated tokens and inside the bottom 10% of the set. The framework verdict is PASS.
The score rests on Supply Inflation 5/10, 61st of 251.
Against the same universe, MANA sits in the bottom third on Active Users 1/10, 243rd of 251, Network Growth 1/10, 242nd of 251, Team Execution 2/10, 230th of 251 and TVL Trend 1/10, 229th of 251. These are the variables that would have to move for the verdict to change.
89.3% of eventual supply is already circulating, so vesting is not a live risk for MANA. Price has to be justified by demand rather than absorbed against a cliff.
MANA trades 98.9% below its all-time high of $5.85. Recovering that level is a 90.9x move, not a 98.9% one, which is the arithmetic most drawdown charts hide.
The framework score gained 8 points against the previous pass (58 to 66). Revisions of this size follow a change in the underlying variables, not a change in price.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 2 | 166th of 251 | |
| Revenue Trend | 2 | 191st of 251 | |
| P/S Multiple | 2 | 218th of 251 | |
| Real Staking Yield | 1 | 226th of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 5 | 100th of 251 | |
| Circulating / FDV Ratio | 6 | 88th of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 2 | 217th of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 1 | 229th of 251 | |
| Active Users | 1 | 243rd of 251 | |
| Developer Activity | 3 | 208th of 251 | |
| Network Growth | 1 | 242nd of 251 |
Position
| Market Share | 2 | 203rd of 251 | |
| Competitive Moat | 2 | 223rd of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 4 | 157th of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 2 | 222nd of 251 | |
| BTC Alpha Potential | 2 | 200th of 251 | |
| Team Execution | 2 | 230th of 251 | |
| Treasury Runway | 4 | 181st of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Decentraland Foundation events and partnerships with legacy brands
Principal risk
Reported concurrent user counts in the hundreds; massive gap between market cap and actual usage is unsustainable
Market and supply
| Price | $0.0662 |
| Market cap | $129.7Mrank 215 |
| All-time high | $5.8525 Nov 2021 |
| Circulating supply | 1,958,392,979 |
| Eventual supply (total supply) | 2,193,179,327 |
| Dilution to full supply | 1.12x |
| Listed on | Binance, Coinbase, Bybit |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to MANA measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [CoinDesk] Decentraland's peak concurrent user count in 2025 estimated at 300-800 users despite $165M market caplink dead, claim unverified
- [CoinGecko] MANA down 98.5% from ATH of $5.85 set November 2021; Decentraland DAO controls large MANA treasury
- [The Block] Decentraland Foundation raised $30M in 2021 but metaverse user growth flatlined; competitor Fortnite/Roblox captured the gaming market
One source link above no longer resolves, so we stripped the hyperlink rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 6 Aug 2026.
Common questions
- What is the Early Thunder score for Decentraland (MANA)?
- MANA scores 66 out of 250 on the 25-variable framework, ranking 241st of 251 rated tokens (bottom 10%). The framework verdict is PASS.
- What are MANA's strongest fundamentals?
- MANA ranks highest on Supply Inflation 5/10, 61st of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the MANA thesis?
- MANA scores in the bottom third of the universe on Active Users 1/10, 243rd of 251, Network Growth 1/10, 242nd of 251, Team Execution 2/10, 230th of 251 and TVL Trend 1/10, 229th of 251. The single risk carried on the scorecard is: Reported concurrent user counts in the hundreds; massive gap between market cap and actual usage is unsustainable
- How much MANA supply is still to enter circulation?
- 89.3% of eventual MANA supply is circulating today, leaving 1.12x the current float still to arrive. At a flat price per token that is 10.7% of fully diluted value ahead of current holders.
- How far is MANA from its all-time high?
- MANA trades 98.9% below its all-time high of $5.85. Returning to that high requires a 90.9x move from the level used in this scoring pass.
- Which tokens have a similar profile to MANA?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to MANA are IOTA (78), LTC (102), SAND (58) and BAND (73). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for MANA?
- Decentraland Foundation events and partnerships with legacy brands
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.