Some of the largest cryptocurrency holders on earth are accumulating an Ethereum-based gaming altcoin as the collective Bitcoin and altcoin market cap surpasses $2 trillion.
New on-chain data from WhaleStats shows that in the last seven days, the largest 100 Ethereum wallets on record are not allocating significant amounts of capital to Decentraland (MANA), The Sandbox (SAND) or Axie Infinity (AXS) – as has been the case in recent months.
Instead, the most prominent crypto holders are stacking the play-to-earn gaming platform Gala (GALA).
Gala’s goal is to release a myriad of blockchain-based play-to-earn games. Nine games are now in the works, with the game Town Star playable in beta form.
The GALA token is designed to be used as a digital currency that allows players to purchase in-game items.
Looking at the overall stats on Ethereum whale activity, the closely-watched crypto heavyweights accumulated stablecoins Tether (USDT) and USD Coin (USDC) above all else.
Ethereum (ETH) is number three on the list, followed by the stablecoin Binance USD (BUSD), the decentralized exchange (DEX) Serum (SRM) and oracle network Chainlink (LINK).
Gala (GALA) is at number seven, followed by lending platform token Aave (AAVE), stablecoin TerraUSD (UST) and layer-2 scaling platform Polygon (Matic).
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Featured Image: Shutterstock/Liu zishan
