The cryptocurrency market decided to end a multi-month downtrend in March. While the Russian occupation of Ukraine caused panic sales in the first days, there has been a significant (20%) demand since February 28. In the process, the FTX exchange sent $25 to each of its Ukrainian members, and the Ukrainian government opened a Polkadot (DOT) wallet where anyone could donate. Meanwhile, CoinGate, one of the leading cryptocurrency payment processors, has developed a portal containing more than 70 cryptocurrencies to support Ukraine. So, how do whale-class wallets position themselves in this process? In this article, let’s take a look at a metaverse coin project that the 100 largest ETH whales have shown great interest in recent days.
Whales gravitate towards this metaverse coin project
With the combined value of the Bitcoin and altcoin market approaching $2 trillion, some of the world’s largest crypto investors are turning to Ethereum-based metaverse coins and projects. According to up-to-date on-chain statistics provided by WhaleStats, the top 100 Ethereum whales have not allocated any significant cash to Decentraland (MANA), The Sandbox (SAND), or Axie Infinity (AXS) since last week. This is something that has been observed in recent months. Instead, the whales are turning to GALA, the native cryptocurrency of the play-to-win gaming platform Gala Games.
Gala Games plans to launch a series of blockchain-based play-to-win games. Nine games available in the Town Star beta are currently in development. GALA token is a functional cryptocurrency designed to buy in-game items. Apart from metaverse coins, we see this class of whales accumulating in stablecoins Tether (USDT) and USD Coin (USDC).
Other cryptos in whale wallets
The other three cryptocurrencies on the list are stablecoin Binance USD (BUSD), decentralized exchange (DEX) Serum (SRM), and Oracle network Chainlink (LINK). Gala (GALA) is in seventh place, followed by Aave (AAVE), a lending platform token, TerraUSD (UST), and Polygon (MATIC), a tier-2 scaling platform.