Ethereum Whales Are Pushing Price of CryptoPunk NFTs to the Moon

Etheruem whales have once again taken the charge of pushing the price higher, however, this time it’s not Ether (ETH) but the CryptoPunk NFTs where they are pouring the money. With the whale purchase frenzy, the prices of CryptoPunk NFTs have shot by 53% over the last week.

Last week, an Ethereum whale poured over $6 million triggering a buying spree for CryptoPunk. The butter now owns 1% of the limited series of CryptoPunks collection having 10,000 NFTs. Last Friday, the wallet scooped over 100 NFTs taking the average price of CryptoPunk NFTs from 24 ETH to 29 ETH, based on the data from Etherscan.

It turns out that all the purchases from Ethereum were “force funded” meaning they were acquired from the wallet specifically created for this purpose. Thus, there are no traces of the history of any previous purchases.

CryptoPunks are among the most popular and pricey NFTs. These are basically tiny pixelated images used as avatars on various social media platforms. As said there are a total of 10,000 such cryptocurrency-NFTs available each featuring randomized traits.

Gary Vee Buys CryptoPunk NFT for $3.7 Million

Entrepreneur and media mogul Gary Vee has been strongly into this NFT game. The famous influencer is betting big on the future of NFTs.

Last week, Gary Vaynerchuk – popular as Gary Vee – spent a massive 1600 ETH worth $3.7 million on a CryptoPunk NFT. This was enough to create a massive frenzy in the cryptosphere. Interestingly, on the same an anonymous investors spent $7 million buying around 88 CryptoPunk NFTs.

We couldn’t confirm if this was the same Ethereum whale. As said the Sunday’s purchase happened from a completely different wallet leaving no trace behind.

The NFT market is exploding and CryptoPunks has emerged as one of the most valuable NFT projects with its weekly volumes reaching $60 million USD. Further, there’s a dramatic increase in the sales over the last week. Interestingly, the daily trading volumes for CryptoPunks have also shot by 1342%.

As CoinGape reported last week, the NFT gaming market has been putting up strong competition to the DeFi market. It is also driving major trading volumes on the Etheruem blockchain network.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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