Whales Add Metaverse Tokens Amid Crypto Market Crash, Here’s Why

Ashish Kumar
April 30, 2022 Updated July 19, 2022
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
PUBG Creator Introduces NFTs, Metaverse, Blockchain Features In Artemis

The Metaverse industry is the next big thing in the development of the Web3. While the market is still evolving many key players and known Cryptocurrency projects are getting in line to be a part of this industry. Recently, a famous meme crypto Shiba Inu (SHIB) launched its metaverse. Now, Bored APE NFT creator  Yuga Labs is also getting in line to launch its virtual world “Otherside”.

Land sales in Otherside are set to launch at 9:00 PM EST on Saturday.

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Whales spots buy the dip opportunity

Other key players in the Metaverse industry like Gala games (GALA), the Sandbox (SAND), and Decentraland (MANA) are already getting major traction. Many major banking institutions, electronic giants, and fashion designing firms have already acquired plots of land in these virtual worlds.

According to CoinMarketCap, top Metaverse tokens’ total market capitalization is down by over 2% in the last 24 hours. While the 24 hours trading volume is also down by 25%. The cumulative total market capitalization stands at approx $27.28 Billion.

Seems like Ethereum (ETH) whales have spotted the perfect timing to buy the dip. As per WhaleStats, the biggest ETH wallets are adding APE, SHIB, GALA, and MANA in the last 24 hours.

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ETH whales add $12.4 million worth of APE

The craze for APE tokens is still on a rise. ApeCoin prices are still on a surge by over 10% in the last 24 hours, whereas Bitcoin (BTC) price is down by 2%. ETH whales have added more than $12.4 million APE tokens since yesterday. This move can be directly linked with its upcoming much hyped Metaverse project “Otherside”.

GALA token is down by over 18% in the past 7 days. However, it has landed in the top 10 tokens purchased by the biggest of the ETH wallets. Top Ethereum whales hold more than $35 million worth of GALA tokens.

While the MANA token has emerged as the most widely held token by the ETH whales. According to WhaleStats, MANA also landed on the list of most used smart contracts among the top 500 whales in the last 24 hours. ETH whales cumulatively hold more than $162 million worth of MANA tokens.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.