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.

The post MAVIA Price Jumps 30% Amid Whale Frenzy & Heroes of Mavia Boom appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am