While the main cryptocurrencies in the market, such as Bitcoin (BTC) and Ethereum (ETH), face a devaluation of more than 6% in the last 24 hours, an unknown cryptocurrency focused on payments is up 59% in the same period , completely ignoring the cryptocurrency market crash.
The one who caught the attention of the cryptocurrency market with the daily high of almost 60% was MinePlex (PLEX) which in addition to the good daily performance has also risen 119% in the last 30 days. 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, although it requires the use of the project’s own PLEX tokens to use it. It is 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
Not only is PLEX attracting the attention of cryptocurrency investors, they are also amassing fortunes in an altcoin metaverse while selling off large Bitcoin holdings, according to data from WhaleStats.
According to the platform, in the last seven days, The top 100 ETH holders are massively investing in The Sandbox (SAND), with large purchases averaging $493,764.
In addition to 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, the whales are selling more than $501,000 of WBTC, which was the fifth most sold token among ETH millionaires.
However, while Bitcoin flows may not go so well with ETH whales, data from Glassnode reveals that institutional flows and smaller-scale investments in BTC are on the rise.
“MicroStrategy is buying an additional $190 million [BTC]. Smaller entities are buying Bitcoin wholesale. Important institutional flows towards [Grayscale Bitcoin Trust] and Purpose BTC ETF. New capital inflows into the market mitigate the risk of a sharp correction,” he stressed.
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