After a brief rebound last week, another 5% price correction has seen Decentraland (MANA) price retest $0.35 on Monday Aug 7. With Yield Guild Game’s (YGG) climbing 350% and entering a new gear, it appears play-to-earn (P2E) investors are now dumping MANA. 

While YGG price pumped 270% over the past three days before it saw a steep price correction on Monday, legacy P2E platform Decentraland (MANA) is now at risk of suffering another major price slump. On-chain data suggests that new P2E gamers have been opting for other platforms that currently appear more profitable. 

Gamers Have Continued to Stay Away from Decentraland in August

Toward the end of July, Decentraland suffered a significant downturn in the user acquisition rate. On-chain data from Santiment reveals that the trend is yet to abate. As depicted below, Decentraland Network Growth had dropped by 73% from 782 to 209 new wallet addresses between July 24 and August 6. 

Essentially, Network Growth measures the user-acquisition rate by aggregating the number of new wallet addresses created daily. This gives a rough estimate of new users joining the Decentraland GameFi ecosystem. 

Compared to previous months, the chart abov

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Author: Ibrahim Ajibade

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