Roller coaster ups and downs have heightened due to geo-political turmoil in Eastern Europe. Data reveals whales are moving large sums into altcoins and more favorable crypto tokens. As the overall markets and Bitcoin (BTC) try to recover from a volatile week of trading, big players in the crypto world are diving into the metaverse.
Ethereum Whales Buying Altcoins in the Metaverse
Fresh data from whale-watching bot WhaleStats reveals that over the past 24 hours, the top 1,000 Ethereum whales are feasting on Decentraland (MANA), a 3D virtual reality video game. The average purchase was 345 tokens for $998 but one whale splurged over $1 million for 375,355 MANA.
Another metaverse token being snapped up by deep-pocketed investors is play-to-earn blockchain gaming platform Gala Games (GALA). The whales gobbled up an average of 3,171 GALA for $902.
“GALA flipped MATIC [Polygon] to be most traded token by 1,000 biggest ETH whales in the last 24 hrs.
The top 1000 ETH whales are hodling 654,797,325 GALA [worth] $182,806,252.”
Altcoins in the Metaverse Getting Some Love
Fellow metaverse altcoin The Sandbox is also being devoured by ETH whales as their average transaction sees them spending $639 for 182 SAND. The Sandbox is down 1% on the day to $3.21 at time of writing.
The final metaverse token on the WhaleStats list is Enjin Coin, whose crypto asset ENJ serves the utility token for non-fungible tokens (NFTs) within its ecosystem.
Whales shelled out an average of $258 for 155 ENJ. Enjin Coin is down less than half a percent to $1.53 at time of writing.
The whale-tracker also notes that two of the aforementioned metaverse projects also appear on the top-10 most used smart contracts over the past day, with GALA in 4th place and SAND rounding out the list.
King crypto Bitcoin has recovered from an overnight low of $37,557 after dumping nearly $2,000 in a matter of hours. Currently, BTC is up 1.53% and trading for $38,903.