Why is Heroes of Mavia (MAVIA) Coin Pumping 35%?

The Heroes of Mavia (MAVIA) token saw a 35% price pump today to around $8.88, bringing its market capitalization to $264 million. This sudden double-digit gain appears to be driven by a large purchase made by a crypto whale known for smart trades.

According to on-chain analytics platform Spot On Chain, an Ethereum wallet with address 0x82886ad5e67d5142d44ed1449c2e41b988bfc0ab bought over 12,000 MAVIA tokens worth $100,000 USDC in two separate transactions. This wallet, dubbed “Smart trader ETH and MKR 0x828” by Spot On Chain, acquired these MAVIA tokens at an average price of $8.125 each.

Notably, this is the first time wallet 0x828 has invested in MAVIA. The whale trader has a history of well-timed trades, having recently realized profits of $357,000 from Maker (MKR) and holds $16.09 million in Ethereum. This pedigree of smart investments lends credibility to the MAVIA purchase.

The sudden influx of a six-figure capital investment, combined with the vote of confidence from an ETH and MKR whale known for wise trades, created buying momentum in MAVIA. Speculators likely jumped in, betting that 0x828 knows something they don’t and has spotted an overlooked opportunity in the Heroes of Mavia project. This speculation fueled increasing demand for the limited supply MAVIA token, sending its price vertically higher by 35%.

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In essence, the MAVIA pump arose from the market reading into the actions of a single influential trader with a reputation for making gains. It demonstrates the impact even singular acts can have on thinly traded altcoins in the easily moved crypto markets. The sustainability of this pump long-term remains to be seen, but for now, MAVIA is basking in the glow of the 0x828 vote of confidence.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!