While major cryptocurrencies in the market like Bitcoin (BTC) and Ethereum (ETH) are facing a drop of more than 6% in the last 24 hours, an unknown cryptocurrency focused on payments is up 59% in the same period.
While the main cryptocurrencies in the market, such as Bitcoin (BTC) and Ethereum (ETH), face a devaluation of more than 6% in the last 24 hours, an unknown cryptocurrency focused on payments is up 59% in the same period, completely ignoring the cryptocurrency market crash.
The one who captured the attention of the cryptocurrency market with a daily maximum of almost 60% was MinePlex (PLEX), which, in addition to its good daily performance, has also risen 119% in the last 30 days. MinePlex is a mobile digital bank designed to give users the ability to use crypto and fiat currencies for payments, banking, and transfers.
Its ecosystem consists of four components: a payment system called MinePlex.Money; a trading platform, MinePlex.Payment; an online store, MinePlex.Marketplace; and a recently launched digital bank, called MinePlex.Finance that connects PLEX tokens to major fiat currencies.
“MinePlex.Finance is independent of the MinePlex platform, although it requires the use of the project’s own PLEX tokens to use it. It is an advanced solution that can be used as a digital account, payment application, or mobile wallet for PLEX and fiat tokens,” according to a company statement.
Whales Sell Bitcoin and Buy Metaverse Tokens
Not only is PLEX attracting the attention of cryptocurrency investors, they are also amassing fortunes in an altcoin metaverse, while selling off large Bitcoin holdings, according to data from WhaleStats.
According to the platform, in the last seven days, the top 100 ETH holders are massively investing in The Sandbox (SAND), with large purchases averaging $493,764.
Meanwhile, the whales are massively selling Wrapped Bitcoin (WBTC), which is Bitcoin issued on the Ethereum network and backed by the “original BTC.” On average, the whales are selling more than $501,000 of WBTC, which was the fifth most sold token among ETH millionaires.
However, while Bitcoin flows may not go so well with ETH whales, data from Glassnode reveals that institutional flows and smaller-scale investments in BTC are on the rise.
“MicroStrategy is buying an additional $190M [BTC]. Smaller entities are buying Bitcoin in bulk. Significant institutional flows to [Grayscale Bitcoin Trust] and Purpose BTC ETF. New capital inflows into the market mitigate the risk of a sharp correction,” Glassnode noted.
According to Cryptopredictions, PLEX started April 2022 at $1,164 and is forecast to end the month at $2,365. During April, the expected high price of PLEX is $2,953 and the low is $2,008.
Why is the Price of PLEX going up?
The price of Mineplex has been rising since April 6 and its bullish trend is gaining momentum every day. One of the main factors for the current price increase is the recent launch of a new digital banking app, Mineplex, which caused the coin’s price to skyrocket. The new app will bridge major fiat currencies with the PLEX token.
By Audy Castaneda
