advertisement

Investors Rush To Buy Terra LUNA, Decentraland, SAND, Safemoon, Shiba Inu Dip As Ethereum Shakes Off Losses

ETH/USD

Ethereum plunged nearly 15% to lows of $3,575 on Dec. 4 as the entire cryptocurrency market was put ”on sale”. Undeterred by the drastic downside move, Ethereum rose to outperform Bitcoin, hitting a near three-year high against Bitcoin (BTC). The ETH/BTC pair rallied nearly 11.4% to reach highs of 0.084 BTC for the first time since May 2018.

As of press time, ETH/USD was on its way to recouping all its previous day gains, just down 1.36% in comparison to Bitcoin which remains down by 7.40% at $49,417. On-chain analytics, IntoTheBlock detects an increase in large transactions for Ethereum, Shiba Inu, and Polygon (MATIC) over the past 24 hours, suggesting a rush by large entities to accumulate these tokens as the market plunged.

Courtesy: IntoTheBlock

Investors Rush To Buy the Dip of Terra LUNA, Decentraland, the Sandbox, Safemoon, Shiba Inu

On-chain analytics, Santiment notes that prices have rebounded in today’s pullback with the largest buy the dip interest spike in 3 months. On this note, SHIB addresses are busy accumulating as Shiba Inu plunged 30% in the last 24hrs. According to Shib reports, An Ethereum Whale just bought $2,613,140.28 Worth of Shiba Inu today.

The hype over the potential rise of the “metaverse” sent tokens such as Sandbox’s SAND, Decentraland’s MANA, and others to all-time highs in November amid surging interest from cryptocurrency traders and Wall Street. Decentraland also made headlines in November when the nation of Barbados said it was preparing to establish a virtual embassy in Decentraland’s metaverse, bridging the worlds of international diplomacy and digital real estate.

Boosting the metaverse bullish sentiment is the report by asset manager Grayscale that the metaverse could be a potential $1 trillion market opportunity. Another report by Bank of America quoting Bloomberg Intelligence said the metaverse could harness $800 billion revenues by 2024. This has prompted many traders to buy the dip of top metaverse tokens such as Decentraland (MANA, +2.24%) and The Sandbox (SAND, +0.34%). 

Large entities are buying SafeMoon dip as a Binance whale just bought 705,672,000,000 SafeMoon worth over $1,411,000.

Terra (LUNA) is back in the green after crashing to $46.40 today as investors bought the dip. The token is up 11.21% on the day to presently trade at $70.83. Terra has surged to hit record highs for 5 consecutive days, while marking all-time highs at $81.37 on Dec. 4.

Image Credit: IntoTheBlock, Shutterstock

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.