- Nansen offered detailed analysis on MAGIC performance in recent times.
- Early MAGIC miners constitute a significant portion of the token holders in the network.
- Not all Bear Market MAGIC Accumulators can boast of profit with the current MAGIC price.
Nansen, the blockchain analytic tool that provides insight into cryptocurrencies, DeFi, and NFT has provided information about the recent performance of MAGIC, the native token of the blockchain gaming protocol, Treasure DAO. In a Twitter thread, Nansen provided details about the activities of some whale addresses in the Treasure DAO ecosystem.
According to Nansen, there are over 350,000 unique addresses holding MAGIC, the cryptocurrency which was listed on Binance on December 12, 2022. The analytic platform also revealed that early MAGIC miners represent a significant portion of the large token holders in the gaming network. The early MAGIC miners include the top 200 stakers of MAGIC in the Genesis Pool between October 6, 2021, to January 6, 2022.
The information released by Nansen shows that 10 of the early MAGIC miners are among the top 1,000 MAGIC holders. They fall among the longest 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 detail on the addresses that have had a minimum of 200,000 MAGIC tokens between June 17, 2022, and January 9, 2023. Among these addresses is one that Nansen identified to have accumulated MAGIC tokens since December 16, 2022, when the price of MAGIC was approximately $0.58. The Nansen analysis shows that the identified address currently sits on over $2 million unrealized profit.
In the thread, Nansen clarified that not all Bear Market MAGIC Accumulators can boast of profit with the current MAGIC price. One of the addresses noted by the platform bought 151,781 MAGIC tokens at $0.33. The same address was noticed to have also sold some tokens at $0.27. Another accumulator suspected to be related to BTC12 Capital bought and sold a significant volume of MAGIC within 5 days.
According to Nansen, the MAGIC analysis it provided was a classic model of how to carry out due diligence on an Arbitrum token.
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