Magic Eden Whales

With this article, we aim to illustrate the top 20 wallets based on sales volume on Magic Eden since March 1st. How did these wallets spend their money? In other words, what collections seem to be popular with these wallets? Do these wallets tend to sweep up collections at once or do they buy a variety of items over time? What is the profit level of these wallets and how often are they buying NFTs? 

Lets begin with a small introduction about the Magic Eden , Magic Eden is the most popular marketplace on Solana, receiving a good number of visitors who are interested in listing their NFTs on the platform. In addition to GIFs, mp4s, and images of all sizes, Magic Eden supports artwork made of GIFs, mp4s, and static images. The Magic Eden Platform is a new NFT platform built for the Solana Network that enables transactions involving NFTs, its buying, selling, and minting. Unlike the current system, NFT transactions will have a 0% listing fee and only a 2% transaction fee, which lowers entry barriers for both new and experienced buyers and sellers. The fee is paid with the SOL tokens.

Here is a graph of the top 20 wallets in Magic Eden as determined by sales volume since March 1st,2022. More than a quarter of sales volume was contributed by only 3 wallets out of 20. Moreover, many of these top 20 wallets’ sales volume falls under the 2000to 3000 SOL range.

Here is a graph showing how many transactions have been made on Magic Eden by the top 20 wallets since March 1,2022. It can be seen here that the maximum number of transactions performed by a single wallet is more than 650. 

Using the graph below, we can see what these wallets have been purchasing over that time period that means what collections they are showing interest in the most. Below is the graph showing most purchases since March 1st, 2022. Collection ” DeGods” shows the top 20 wallets that people are buying the most. 

On the Magic Eden marketplace, the graph below shows the sales volume of the most popular buying collections since March 1st, 2022. Initially, the sales volume of the DeGods collection was quite low, but from March 30th, you can see that the buying collections by DeGods have outstripped these top wallets in sales volume.  Out of all Collections, DeGods generates more than 50% of sales volume. In conclusion, one can conclude that these wallets are sweeping and buying a lot of the same thing at the same time. 

Below is a graph showing the number of transactions made on Magic Eden Marketplace since March 1st. There are the most transactions done with Defi Pirates on March 16th,2022 and April 1st,2022.  While there have been more transactions with Defi Pirates collection of buying NFTs, the sale volume with these Defi Pirates is not substantially higher. Consequently, we can conclude that Defi Pirates are not providing much profit. 

If we look at the DeGods Collections, we didn’t see very frequently sales transactions of these NFT Collections. Although the sale volume of these NFT Collections is quite high compared to others. We can conclude, then, that DeGods provide high profit.  


From the above analysis,

  • In Magic Eden, we can check out the top 20 wallets, measured by sales volume since March 1st,2022. Many of these top 20 wallets’ sales volume falls under the 2000 to 3000 SOL range.
  • According to the most recent sales data since March 1st, 2022, the Collection “DeGods” shows that most of the top 20 wallets are buying the collection. That means many number of wallets are willing to buy this collection .
  • Of all Collections, DeGods generates more than half of sales. These wallets are indeed sweeping the market.
  • Looking at the DeGods Collections, we did not see sales transactions of these NFT Collections very frequently. However, the sale volume of these NFT Collections is quite high compared to others. Based on this, DeGods provides a high profit margin.  
  • The Defi Pirates collection has had more transactions of buying NFTs, but the sale volume has not significantly increased. As a result, Defi Pirates do not produce much profit. 

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