On-chain analytics platform Nansen provided detailed analysis on the recent performance of Treasure DAO (MAGIC). According to the data, initial altcoin miners make up a significant portion of token holders in the network. He also says that not all bear market MAGIC hoarders are able to profit with the current MAGIC price.
Nansen: This altcoin is in over 350,000 unique wallets
Blockchain analytics tool Nansen, which provides insights on cryptocurrencies, DeFi, and NFT, reported on the recent performance of MAGIC, the native token of Blockchain gaming protocol Treasure DAO. In a Twitter thread, Nansen shared details about the activities of some whale addresses in the Treasure DAO ecosystem.
According to Nansen, there are more than 350,000 unique addresses holding the cryptocurrency MAGIC, listed on the world’s largest crypto exchange Binance on December 12, 2022. The analytics platform also revealed that early MAGIC miners represent a significant portion of the major token holders in the gaming network. The first MAGIC miners include those who shared the first 200 shares of MAGIC in the Genesis Pool between October 6, 2021 and January 6, 2022.
What else is in the analytics platform’s report?
Data released by Nansen shows that 10 of the first MAGIC miners are among the top 1,000 MAGIC owners. They are among the longest-standing holders or stakers of the gaming token in the Treasure DAO network. An important indicator reported by Nansen is the “Bear Market MAGIC Accumulator”. This indicator provides detailed information on addresses with a minimum of 200,000 MAGIC tokens between June 17, 2022 and January 9, 2023. Among these addresses is one that Nansen determined has been accumulating MAGIC tokens since December 16, 2022, when the MAGIC price was about $0.58. Nansen analysis shows that the identified address currently has over $2 million in unrealized profits.
In the thread, Nansen also reveals that not all Bear Market MAGIC Accumulators will be able to profit at the current MAGIC price. One of the addresses cited by the platform purchased 151,781 MAGIC tokens at $0.33. It is also noteworthy that the same address sells some tokens for $ 0.27. Another accumulator, suspected to be related to BTC12 Capital, bought and sold a substantial amount of MAGIC within 5 days. According to Nansen, the MAGIC analysis he provided was a classic model of doing due diligence on an Arbitrum token.
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