Try Quests to earn cryptoSolana - Magic Eden Whales
Track the top 20 wallets in terms of buying volume on Magic Eden since March 1st. What have these wallets been buying the most over that time period? As in, which collections seem to have their attention? Do these wallets tend to ""sweep"" (buy a lot of the same collection at once) or patiently buy collections? How often are these wallets buying NFTs and what does their profit look like?
Date: 2022-04-13
This analysis is focused on the whales nft purchase behavior on Magic Eden on Solana Blockchain.
All data is from March 1st 2022 till April 13th.
What is Magic Eden?
Magic Eden is the biggest NFT Marketplace on the Solana Blockchain. Its concept is to offer an affordable service based on 0% listing fees and very moderate 2% of transaction fees.
The donut shows, that they are buying a lot of different collections, but some are kind of a bit more popular.
The by far most popular NFT collection is Cyber Pharmacy with an average $SOL price per NFT of 2.06 $SOL.
It seems like the Top 20 wallets is more focusing on cheaper NFT collections. This is what the next chart shows, Amount of NFTs bought and their Average Price. Price range is between 0.34 and 10.46 $SOL for the Top 10 NFT Collections (by sold amount).
First of all i calculated the Total Sales Volume on Magic Eden in the timeframe between March 1st and April 19th to get an idea of the volume of the most popular NFT marketplace on Solana.
In only 44 days they generated a Sales Volume of 2.6 Million in $SOL, which is a lot!
The chart above shows that the NFT market seems to be in a downward trend at the beginning of March. From mid-March, the trend changes to an upward trend. We can see also some peeks in Sales Volume at the end of March and in April.
The Top 20 NFT buying wallets generated only a Sales Volume of 63K in $SOL, which is compared to the Total Volume a relative low number.
We can see that the purchase volume among the Top 20 is relatively evenly distributed between 2100 and 3700 $SOL per wallet. There is only one exception which clearly stands out here, wallet 'HGEj9nJHdAWJKMHGGHRnhvb3i1XakELSRTn5B4otmAhU' with 8264 $SOL!
Also in the Bubble Chart this one wallet is clearly visible with its high volume and big amount of NFTs.
The chart above shows, that prices of the collections are very different and range from 0.x $SOL to 155 $SOL per NFT. The most expensice collection, by avergae price, is actually 'degods'!
Moist of the wallets were very active in the past 44 days. Some of those wallets buy NFTs on a daily basis!
The chart above looks a bit wild, but it shows that many of those wallets are very active on different days. We also could see a small uptrend in their activity.
To find out about this, we take a deeper look in the wallet with the highest volume.
The short answer is, whales sweep floors! The chart above shows clearly that this whale is sweeping floors! He is focusing on only one or a few collections per day and is always buying bigger amounts of these NFTs.
Thanks for reading!
This analysis was created on 2022–04–13 for a bounty at Flipside Crypto by piper to answer the following questions:
Solana - Magic Eden Whales: Track the top 20 wallets in terms of buying volume on Magic Eden since March 1st. What have these wallets been buying the most over that time period? As in, which collections seem to have their attention? Do these wallets tend to ""sweep"" (buy a lot of the same collection at once) or patiently buy collections? How often are these wallets buying NFTs and what does their profit look like?
All data used are from Flipside Crypto.