An unknown cryptocurrency surges 59% in 24 hours as whales sell bitcoin and buy Metaverse-related tokens

While the major cryptocurrencies in the market, such as Bitcoin (BTC) and Ethereum (ETH), have faced more than 6% depreciation over the past 24 hours, an undisclosed cryptocurrency focused on payments is down 59% over the same period % up Ignoring the cryptocurrency market crash.

The one that caught the attention of the cryptocurrency market with the daily high of almost 60% MinePlex (PLEX), which is up 119% over the past 30 days in addition to showing good daily performance. MinePlex is a mobile digital bank designed to give users the ability to use crypto and fiat currencies for payments, banking, and transfers.

Its ecosystem consists of four components: a payment system called MinePlex.Money; a trading platform, MinePlex.Payment; an online store MinePlex.Marketplace and a recently launched digital bank called MinePlex.Finance that connects PLEX tokens to major fiat currencies.

MinePlex.Finance is independent of the MinePlex platform, but requires the use of the project’s own PLEX tokens in order to use it. It’s an advanced solution that can be used as a digital account, payment app or mobile wallet for PLEX and fiat tokens.”

Whales sell Bitcoin and buy Metaverse tokens

An unknown cryptocurrency surges 59% in 24 hours as whales sell bitcoin and buy Metaverse-related tokens
An unknown cryptocurrency surges 59% in 24 hours as whales sell bitcoin and buy Metaverse-related tokens

Not only is PLEX catching the attention of cryptocurrency investors, they are accumulating fortunes in an altcoin metaverse while selling large holdings of Bitcoin, according to data from WhaleStats.

According to the platform, in the last seven days The top 100 ETH holders are investing heavily in The Sandbox (SAND), with large purchases averaging $493,764.

Besides SAND, whales are also buying ApeCoin (APE) from Bored Ape Yacht Club, Chainlink (LINK), Polygon (MATIC), decentralized finance platform Yearn Finance (YFI), FTX Token (FTT) and Serum (SRM).

In the meantime, The whales are massively selling Wrapped Bitcoin (WBTC), which is Bitcoin issued on the Ethereum network and backed by the “original BTC.” On average, whales sell more than $501,000 in WBTC, which was the 5th most sold token among ETH millionaires.

While Bitcoin flows may not pair well with ETH whales, data from Glassnode shows that institutional flows and smaller investments into BTC are increasing.

“MicroStrategy buys another $190 million [BTC]. Smaller businesses buy Bitcoin wholesale. Major institutional inflows to [Grayscale Bitcoin Trust] and Purpose BTC ETF. The entry of new capital into the market mitigates the risk of a sharp correction,” he stressed.

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