Ethereum Whales Are Accumulating New Gaming Altcoin in Huge Amounts – And It’s Not Axie Infinity, Decentraland or the Sandbox

While the metaverse going mainstream has seen several altcoins explode in value and recognition, crypto whales are gobbling up a lesser-known gaming project.

According to crypto tracker WhaleStats, Gala Games (GALA) accounts for nearly 1% of total holdings – a whopping $519.5 million – among the top 1,000 Ethereum (ETH) whale wallets.

By comparison, popular games Axie Infinity (AXS), Decentraland (MANA) and The Sandbox (SAND) constitute much smaller portions.

MANA makes up 0.29% of the whales’ bags for a value of $171.9 million. SAND stands at 0.24% worth $141.4 million.

WhaleStats does not have current data on AXS, although a new tweet says that it is the third-most-popular search term on the site. The lowest-valued token mentioned by name in the following graphic accounts for 0.07%, worth $40 million.

Source: WhaleStats

GALA is an Ethereum-based play-to-earn altcoin that surged in value after being listed on Coinbase back in November.

The blockchain-based gaming protocol lets users take part in a game’s development by letting them own their in-game items in the form of non-fungible tokens (NFTs).

WhaleStats reports that GALA ranks in the top-10 total holdings among wallets it’s tracking. The average number of tokens held exceeds 1 million and is valued at $519,591.

At time of writing, the GALA token is down nearly 7% to a price of $0.47. Like most of the crypto markets, it has seen a rocky last few weeks after reaching a monthly high of $0.74 on November 24th.

Axie Infinity is also down slightly to $98.11, Decentraland has dropped 6% to $3.17, and The Sandbox has fallen by 6.26% to $5.01.

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Featured Image: Shutterstock/Sergey Nivens/Chuenmanuse