Ethereum whales have taken to investing in a number of tokens. These have ranged across various niches of the crypto space. However, these whales are growing increasingly bullish on metaverse tokens, just like the rest of the space, but one coin has made it to the forefront as these whales have taken to increase their crypto holdings in this particular metaverse token.
SAND Becoming A Whale Favorite
Ethereum whales are interested in the metaverse token SAND according to data from WhaleStats. In a tweet, the wallet tracker reported that the token had become the most traded token among the top 1,000 Ethereum wallets. It had flipped investor favorite, LINK, to attain this title and has signaled increased interest from the top ETH holders in the space.
https://twitter.com/WhaleStats/status/1475115193978228738?s=20
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Besides just trading the token, Ethereum whales are also staking up their holdings. WhaleStats also reported that a single ETH whale had purchased 635,585 SAND, valued at $4,385,536 at the time of purchase. In total, the top 1,000 ETH wallets now hold $237,478,480 worth of SAND, showing a marked increase in the holdings among these wallets.
Rival MANA made the top 10 list of tokens purchased over the course of a week by ETH whales. The metaverse token came 5th behind meme coin Shiba Inu with an average purchase quantity of 30,168 coins, translating to an average dollar value of $94,912.
SAND trading at $6.5 | Source: SANDUSD on TradingView.com
Metaverse Tokens On The Rise
Metaverse tokens like SAND and MANA got their big break when social media giant Facebook announced that it was rebranding to Meta. This came alongside the announcement of the company officially moving into the metaverse space. This announcement triggered a domino effect that saw already existing metaverse crypto tokens rallying.
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Tokens like SAND instantly made it to the forefront of crypto investing as investors rushed to get a headstart in the industry. With time, these tokens have become some of the largest cryptocurrencies by market cap, with MANA making it into the top 30 with a $6.9 billion market cap and SAND not far behind at 32nd with a $6 billion market cap. MANA is trading at $3.83 while SAND has grown to as high as $6.72.
Purchasing land and property in the metaverse is fast becoming one of the leading ways to invest as investors clamor to own a piece of these virtual reality spaces. Investors are opening up businesses in the metaverse. A fan of Snoop Dogg made headlines when they paid $450,000 for virtual ‘land’ next to the rapper’s mansion.
Featured image from Coin Newsletter, chart from TradingView.com
