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Key Insights:
- SharpLink Gaming adds 21487 ETH via Galaxy and Coinbase Prime.
- SBET threatens to topple the Ethereum Foundation as the top-most ETH treasury.
- If SBET doesn’t lose momentum next week, a run towards $30 could be possible.
Ethereum (ETH) is the most widely used blockchain. Its applications range from tokenization and gaming to treasuries that trade for profits. With the hype of an Altcoin season filling the crypto space, ETH is slowly gaining more acceptance.
This happened after it struggled to match Bitcoin‘s (BTC) agility. The recent hype on the Ethereum Network has been in place thanks to the SharpLink Gaming (SBET). It is giving other Ethereum treasuries a run for their money.
With that in mind, many deem the treasury to be a mimic of MicroStrategy’s approach to Bitcoin (BTC). However, can they do it with ETH? Again, why is SBET regarded as “MicroStrategy of Ethereum?
SharpLink Gaming Buys More Ethereum
To begin with, SharpLink Gaming positioned itself toward becoming the “MicroStrategy of Ethereum.” It is doing so by acquiring more ETH in the last 24 hours as of press time.
According to Crypto Rover’s post on X, SBET added another 21,487 ETH via Galaxy and Coinbase Price. SBET was at 253,000 ETH with a valuation of $743.82 Million at the time of writing.
With their continued acquisition, they can only cement their lead position among top Ethereum treasuries.
SharpLink Gaming Position Among Top ETH Treasuries
SharpLink Gaming was termed the “MicroStrategy of Ethereum” by an analyst, Mr. APE aka GEM Hunter, on X. Mr. APE’s account of this narrative came from SBET’s position among top Ethereum treasuries.
SharpLink Gaming scooped the top spot after reaching 253,000 ETH valued at $743 Million. The data showed that the Ethereum Foundation now owns the second biggest portfolio. It had 242,489 tokens worth $718.5 Million.
PulseChain Sac, Coinbase, Golem Foundation, and Bit Digital are the top 6 in this category. Their valuations are $492M, $406M, $299.9M, and $298M, respectively.
This acquisition of ETH by SharpLink Gaming led to their Multiple of Net Asset Value (MNAV) rising to 2.34. This signified confidence in the stock as a premium asset.
However, SBET’s MNAV was not the highest, as it was below that of Coinbase and Exodus. It had triple-digit MNAVs and was thus more valuable. As more acquisitions continue and the company’s value improves, the MNAV could reach levels that can draw more participants.
Among the treasuries, BTCS was the cheapest with an MNAV of 2.27. On the other hand, SBET followed with BTBT, which was third with an MNAV of 3.23.
Assessing the Impact of SharpLink Gaming Momentum
Another reason to position SharpLink Gaming as the “MicroStrategy of Ethereum” was the momentum displayed by the price action of its stock.
At press time, the SBET value was $21.65 after a perfect retest at the $11 level. In-depth analysis showed that if the momentum was maintained, SBET could hit $30 as the first target.
Subsequent targets would be $70, $156, and eventually $494 according to Fibonacci Retracement levels as extended in the chart.
If SBET can take out that gray line that is acting as resistance next week, this price action could go much higher, as per the current sentiment.
SBET may remove that gray line acting as resistance next week. If this happens, this price action could go much higher per the current sentiment.
However, if these bullish signs diminish, SBET could struggle to advance to the aforementioned levels. Winding up, SBET is positioning itself as the “MicroStrategy of Ethereum,” which is only a matter of time before it actualizes.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
