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

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.

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.

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.

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]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.