MAVIA Price Jumps 30% Amid Whale Frenzy & Heroes of Mavia Boom

MAVIA, the native cryptocurrency of the free-to-play Web3 mobile game Heroes of Mavia, has made strong gains surging 30% in the last 24 hours and hitting a high of $8.59. At press time, the MAVIA price is up 12.78% currently trading at $7.76 with a market cap of $232 million. Interestingly, the MAVIA price is already trading at 170% gains since its inception on February 6.

Whale Frenzy Drives MAVIA Price Rally

On-chain analytics platform Spot-on-Chain reports that an Ethereum wallet identified as 0x82886ad5e67d5142d44ed1449c2e41b988bfc0ab recently made significant purchases of MAVIA tokens, totaling over 12,000 tokens valued at $100,000 USDC across two transactions. This wallet, dubbed “Smart trader ETH and MKR 0x828” by Spot On Chain, acquired MAVIA tokens at an average price of $8.125 each.

Notably, this marks the first investment of wallet 0x828 in MAVIA. The trader behind this wallet, known for strategic trades, recently gained $357,000 in profits from Maker (MKR) trades and holds approximately $16.09 million in Ethereum. Such a track record of successful investments adds credibility to the recent MAVIA purchase.

The significant capital influx, coupled with the endorsement from a respected ETH and MKR trader, sparked buying interest in MAVIA. Speculators likely interpreted this move as a signal of potential value in the Heroes of Mavia project, prompting increased demand for MAVIA tokens. Consequently, the token price surged by 35% as speculators rushed to capitalize on the perceived opportunity.

Skrice Studios has developed Heroes of Mavia, a mobile free-to-play Web3 MMO Strategy game. Set in the fantasy realm of Mavia, players engage in base-building and strategic battles to acquire in-game resources like Gold, Oil, and Ruby.

Gaming Tokens On Bullish Rally

Interestingly, the MAVIA price rally comes as gaming tokens also receive a fresh impulse with the Bitcoin price crossing $50,000. Along with Heroes of Mavia, the ImmutableX (IMX) price also rallied to its two-year high.

Immutable, the token powering the gaming-focused Ethereum scaling platforms Immutable X and Immutable zkEVM, surged past $3 late Sunday. The GameFi token has since maintained that level, currently stabilizing at $3.09.

This marks the highest value IMX has reached since February 2022, as per CoinGecko data, with the current price reflecting a notable 37% increase over the past week. Furthermore, this surge propelled Immutable into the top 25 cryptocurrencies by market capitalization.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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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.