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Ethereum Whales Shift Focus to Metaverse Coins: Notable Move

MetaversePlanet July 16, 2022

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According to the WhaleStats blockchain tracking service, the 5,000 most substantial Ethereum whales on the Ethereum (ETH) network have shown a notable inclination towards the largest crypto assets within the metaverse industry over the past seven days.

MANA, SAND, and APE emerge as the most noteworthy coins among the Ethereum whale addresses during this period.

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Ethereum Whale Addresses Are Highly Related To Metaverse Coins

Ethereum Whales Shift Focus to Metaverse Coins: Notable Move — Biggest Ethereum Whales Head for Metaverse Coins

The Sandbox (SAND) stands out as the favored metaverse altcoin among the top 5,000 ETH whales in the last 7 days, experiencing a roughly 10% increase during this period, likely attributed to heightened whale activity. Despite this surge in interest, the sector as a whole has seen some declines, resulting in SAND still trailing 85% below its all-time high.

Taking the second spot is Apecoin (APE), a cryptocurrency distributed through airdrops to Bored Ape Yacht Club (BAYC) holders, showcasing meme token potential. Notably, the top 5,000 ETH whales have acquired an average of 81 APE Coins, totaling around $390, in the past seven days, indicating sustained interest.

Following closely is Decentraland (MANA), another metaverse project, with Ethereum whale wallets accumulating MANA during the reporting period. The average purchase amounted to 372 coins, valued at $327. MANA exhibits similarities to its counterpart SAND, currently trailing 85% below its all-time high, despite experiencing a 4% increase in the past week. As is common across the entire cryptocurrency ecosystem, metaverse projects, too, undergo fluctuations of rises and falls.

Cryptocurrencies Bought by Ethereum Whales

Here is the full list, along with the top 3 assets that Ethereum (ETH) whales have bought:

As per the WhaleStats list, prices in the market continue to experience a decline. However, the most significant Ethereum whales, particularly those involved in Metaverse and GameFi, are now shifting their focus towards the Play-to-Earn (P2E) sector.

This trend is not exclusive to the top 5,000 whales; other data sources also corroborate this shift. MANA emerges as the most held coin among the Top 100 ETH addresses, although it is noteworthy that volumes have seen a decrease since July.

A fierce competition is unfolding between MANA and SAND, both in terms of transaction volumes and market capitalizations. The difference in their market values is a mere $100 million, and they have recently surpassed Axie Infinity in rankings.

Enjin Coin (ENJ) has secured the fifth position as the most purchased metaverse coin over the past seven days.

Currently trading at $0.50, it has experienced an 8% increase in value within the week. According to Ethereum whale interest, AXS follows ENJ. Axie Infinity (AXS), an Ethereum-based Play-to-Earn (P2E) gaming altcoin, is slightly lower in market cap but is currently 90% below its all-time high based on current data.