IMX vs MANA: Which Gaming Crypto Should You Bet on Now?

Immutable [IMX] and Decentraland [MANA] are two of the top-10 crypto assets in the gaming sector. The former is number one with a $3 billion market cap

Immutable (CRYPTO: IMX) and Decentraland (CRYPTO: MANA) are two of the top crypto assets in the gaming sector. While both tokens have faced difficulties in 2023, there were some key differences in their development activity, social metrics and on-chain indicators.

Development activity

A recent analysis by Santiment compared the development activity of crypto’s top gaming assets. MultiverseX (CRYPTO: EGLD) led the pack by a significant margin, but Decentraland was not too far behind either.

In fact, MANA’s dev activity was higher than that of IMX.

Social metrics

A comparison of the social volume and weighted sentiment of IMX and Decentraland revealed that MANA’s social volume was marginally higher. However, the social volumes for both tokens have trended south over the past month.

The weighted sentiment fared no better. It was -0.77 for MANA and -0.41 for IMX. This signalled bearish engagement. Overall, both tokens’ bulls seemed to be starved of social media hype. Hence, a recovery might be difficult at this point.

On-chain indicators

Both tokens’ 30-day MVRV ratios were positive in mid-May, but they have since fallen. Both tokens traded within a range since April, but IMX saw a more pronounced bullish trend in May.

The MVRV decline signalled that short-term holders were at a loss due to the recent retracement. To gauge which token might recover quicker, the mean coin age (MCA) was examined.

Immutable’s MCA has been on a steady uptrend since late March. Meanwhile, Decentraland’s MC fell lower over the past two weeks. This indicated an accumulation phase for IMX, but selling pressure and notable volumes of token movement for MANA.

Therefore, on-chain indicators suggested a more bullish outlook for IMX in the coming weeks. Swing traders could consider going long in the $1.85-$2 region since it was a demand zone throughout May.