Ethereum’s Market Dynamics Shift: ‘MetalCore’ Game Launch Meets Whale-Driven Volatility

By Aaron Feuerstein April 10, 2024 In Cryptocurrency, ETF, Ethereum, NFTs
Ethereum's Market Dynamics Shift: 'MetalCore' Game Launch Meets Whale-Driven Volatility
  • Significant ETH whale transactions to Coinbase spark market speculation, with over US$194 million transferred, suggesting a potential sell-off.
  • Despite bearish signals from large ETH transfers and ETF delays, MetalCore’s beta on Immutable zkEVM offers optimism for Ethereum’s ecosystem.
  • The Immutable zkEVM Mainnet launch marks a pivotal development for Ethereum, enhancing scalability, efficiency, and security for the blockchain.

Whale Alert! Earlier today a few whale transactions have stirred up market watchers – and the sums transferred are staggering.

In the last couple of hours alone a total of 55,248 ETH (US$194 million or AU$293 million) in several separate transactions were made from unknown wallets to popular exchange Coinbase.

X-account @whale_alert reported transactions of 9,452 ETH (US$33,140,608), 22,959 ETH (US$80,690,914) and 22,837 ETH (US$80,336,105) to Coinbase Institutional.

While it is not immediately known who owns the wallets and why the transfers occurred there are some points to consider.


Although large amounts of transfers of ETH to exchanges can initially appear bearish, the actual impact and intent can vary significantly based on the context.

The most straightforward interpretation of such a move is preparation for selling. If the market perceives that whales are looking to sell, this can lead to bearish sentiment among smaller investors, potentially causing a drop in price.

While ETH has dropped several percent over the past hours, it’s still up on the weekly timeframe.

Ethereum also has to currently endure some FUD around the Spot ETF filings, which could see further delays, Van Eck’s CEO believes.

Related: VanEck CEO Foresees Market Turmoil, Doubts Ethereum ETF Approval and Predicts Shift Toward Bitcoin

‘MetalCore’ Ethereum Game Launches Closed Beta

Meanwhile, there is some exciting news for ETH, a welcome change after the recent bearish developments. Game developer Studio 365 has announced Metalcore, the first game to launch on the Immutable zkEVM Mainnet in its second test round.

The MetalCore closed beta introduces new quests, a guild-like Barony system, and customisation, with its MCG token pivotal for converting items to NFTs and enhancing gameplay. Players will receive “marks” for a future MCG token airdrop.

Studio369 CEO Matt Candler said the team is thrilled “that MetalCore has become the first playable Web3 title built on Immutable zkEVM Mainnet.”

The studio had announced a US$5 million investment earlier in March, which should help promote the game – an open beta and MCG token are planned for May.

The Immutable zkEVM introduction as a layer-2 solution on Ethereum is a significant development for crypto offering creators, traders, and developers a platform that is scalable, efficient, and cost-effective. All while maintaining high security and leveraging the robustness of Ethereum’s blockchain.

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Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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