The token of the free-to-play Web3 mobile game Heroes of Mavia, MAVIA, made a striking leap by increasing 30% to $8.59 in the last 24 hours. At the time of writing this article, MAVIA’s price has seen a 12.78% increase in the last 24 hours, trading at $7.76 with a market cap of $232 million. Interestingly, since its launch on February 6th, the altcoin’s price has seen a gain of over 170%.
Smart Investor’s Purchase Triggers MAVIA Price Rally
On-chain data analysis platform Spot On Chain reported that an Ethereum wallet address starting with 0x828… recently purchased over 12,000 MAVIA tokens worth 100,000 USD Coin (USDC) in two transactions. Spot On Chain noted, “The smart investor, known for profitable investments in MKR and ETH, bought MAVIA tokens at an average price of $8.125.”
This purchase is particularly noteworthy as it is the smart investor’s first investment in MAVIA. The investor behind this wallet, known for strategic purchases, recently made a profit of $357,000 from MKR trades and currently holds approximately $16.09 million worth of ETH. The investor’s successful track record has added significant credibility to the altcoin with the MAVIA purchase.
The investment news from a respected ETH and MKR investor has increased investor interest in MAVIA. Speculators interpret this purchase as a signal of potential value for the Heroes of Mavia project, significantly increasing demand for the MAVIA token. As a result, the altcoin’s price surged by 35% as speculators rushed to capitalize on the perceived opportunity.
As known, Heroes of Mavia, a free-to-play mobile Web3 MMO strategy game, is developed by Skrice Studios. In the fantastical realm of Mavia, players build bases and engage in strategic battles to earn in-game resources like gold, oil, and rubies.
Gaming Altcoins on the Rise
Interestingly, MAVIA’s price rally coincided with a new surge in gaming altcoins following Bitcoin‘s price crossing the $50,000 threshold. Along with Heroes of Mavia, the price of ImmutableX (IMX) also soared to its highest level in two years.
The price of IMX, a token powering the Ethereum scaling platforms Immutable X and Immutable zkEVM, has surpassed the $3 mark. The GameFi token has since continued to stay above this level. According to CoinGecko data, IMX is currently at its highest price level since February 2022, with a notable 37% increase just in the past week. With this surge, Immutable has entered the top 25 cryptocurrencies by market cap.
