Why Ethereum Whales are betting on this Metaverse token

Saif Naqvi
Ethereum Whales
Source: Pixabay

Metaverse tokens were hot property in 2021 and the trend has continued this year as well. Data from WhaleStats showed that Decentraland’s MANA grabbed a spot on the top 10 purchased tokens by 1000 largest Ethereum Whales. Additionally, the alt made it to the top 10 holdings, with an average balance of around $324,000 per wallet.

The purchases come during a bullish period for MANA. The metaverse-backed token was amidst an absorbing bull run on the chart, rewarding investors with over 100% returns in just 20 days. Its flying start to the year was proceeded by a record-breaking 2021, in which prices for virtual real estate on metaverse platforms surged by 700%.

As per LunarCrush, MANA’s weekly social engagement and social dominance were up by 56% and 2%, respectively, as references and mentions spiked on social media platforms. Interestingly, South-Korean based mobile phone manufacturer, Samsung, might have been responsible for generating a large chunk of MANA’s social traffic.

Samsung unveiled its new flagship Galaxy S22 and Galaxy Tab S8 on the Decentraland platform. The launches were displayed through a live event on Samsung 837X – a virtual space on Decentraland’s metaverse where users can buy and sell exclusive digital assets, like land and wearables.

From celebrities and movie stars to software giants such as Sony and Microsoft, everyone seems to want a share of the metaverse pie. Recently, New-York based asset manager KKR & Co was touted to join a $500 Million funding round for Animoca Brands, the brainchild behind The Sandbox. Animoca Brands raised close to $360 Million in January alone as it prepares to expand its metaverse foothold this year.

Source: TradingView

At the time of writing, MANA traded at $3.32, down by a marginal 0.5% as alts remained on edge following Bitcoin’s unwillingness to move past $45K.