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Highlights
- An Ethereum wallet reportedly purchased 12,000 MAVIA tokens leading to price rally.
- MAVIA Price faces strong resistance at $8.7, beyond which it can rally stronger.
MAVIA, the native cryptocurrency of the Web3 mobile game Heroes of Mavia, has experienced significant growth, surging by 30% in the past 24 hours and reaching a peak of $8.59. Currently, the MAVIA price stands at $8.56, marking a 26.20% increase, with a total market capitalization of $232 million. Notably, MAVIA’s price has already seen a remarkable 196% gain since its launch on February 6th
Whale Frenzy Drives MAVIA Price Rally
On-chain analytics platform Spot-on-Chain reports that an Ethereum wallet identified as 0x82886ad5e67d5142d44ed1449c2e41b988bfc0ab recently made significant purchases of MAVIA tokens, totaling over 12,000 tokens valued at $100,000 USDC across two transactions. This wallet, dubbed “Smart trader ETH and MKR 0x828” by Spot On Chain, acquired MAVIA tokens at an average price of $8.125 each.
Notably, this marks the first investment of wallet 0x828 in MAVIA. The trader behind this wallet, known for strategic trades, recently gained $357,000 in profits from Maker (MKR) trades and holds approximately $16.09 million in Ethereum. Such a track record of successful investments adds credibility to the recent MAVIA purchase.
The significant capital influx, coupled with the endorsement from a respected ETH and MKR trader, sparked buying interest in MAVIA. Speculators likely interpreted this move as a signal of potential value in the Heroes of Mavia project, prompting increased demand for MAVIA tokens. Consequently, the token price surged by 35% as speculators rushed to capitalize on the perceived opportunity.
Skrice Studios has developed Heroes of Mavia, a mobile free-to-play Web3 MMO Strategy game. Set in the fantasy realm of Mavia, players engage in base-building and strategic battles to acquire in-game resources like Gold, Oil, and Ruby.
Gaming Tokens On Bullish Rally
Interestingly, the MAVIA price rally comes as gaming tokens also receive a fresh impulse with the Bitcoin price crossing $50,000. Along with Heroes of Mavia, the ImmutableX (IMX) price also rallied to its two-year high.
Immutable, the token powering the gaming-focused Ethereum scaling platforms Immutable X and Immutable zkEVM, surged past $3 late Sunday. The GameFi token has since maintained that level, currently stabilizing at $3.09.
This marks the highest value IMX has reached since February 2022, as per CoinGecko data, with the current price reflecting a notable 37% increase over the past week. Furthermore, this surge propelled Immutable into the top 25 cryptocurrencies by market capitalization.
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