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MANA Becomes Top Altcoin Among Leading ETH Whales

Decentraland's MANA overtakes stETH as the preferred holding among top ETH whales, highlighting market shifts and price dynamics.
Published on 2022-12-04

MANA: The New Favorite Among ETH Whales

Decentraland's MANA has emerged as the most held altcoin among the top 2,000 Ethereum whales. This development marks a significant shift in the altcoin market dynamics, with MANA surpassing Lido Staked ETH (stETH) in terms of dollar holdings by these influential investors.

stETH Market Performance

Currently, stETH is trading at $1,237.87, reflecting a 1.41% price decline over the past 24 hours. This decrease indicates a weakening against Bitcoin (BTC) by 1.73%, though it has shown slight strength against Ethereum (ETH) with a 0.28% increase. These fluctuations highlight the volatility and competitive nature of the cryptocurrency market.

MANA's Price Movements

MANA is currently valued at $0.413, experiencing a marginal 0.06% increase in the last 24 hours. Despite this growth, it has slightly weakened against BTC by 0.29%. However, it has strengthened against ETH by 1.64%, underscoring its resilience and appeal to top Ethereum investors. This performance reflects MANA's growing popularity and potential as a strategic investment.

Implications for the Crypto Market

The shift in whale preferences towards MANA signifies its rising prominence and potential in the crypto world. As leading Ethereum holders adjust their portfolios, it could trigger broader market trends and impact the valuation of other altcoins. Understanding these dynamics can provide valuable insights for investors navigating the evolving cryptocurrency landscape.

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