Hello HODLers!
Today I share with you a somewhat particular insight, as we are talking about Pax Gold, the stablecoin anchored to the value of gold (the value of Pax Gold is programmed in such a way as to equal the market price of gold).
Why are we talking about it today?
Because PAX GOLD entered the top 10 of the tokens bought among the 2000 largest whales on Ethereum in the last 24 hours.
Here is the source of the info, which you can consult: https://www.whalestats.com/analysis-of-the-top-100-eth-wallets
A few days ago the G7 announced a ban on importing physical gold from Russia. Since then, Pax Gold's purchases in DeFi have increased significantly.
It seems a similar scenario to that of four months ago, when with the first blocks of Russian capital and sanctions, purchases of algorithmic stablecoins such as UST (before the disastrous end of UST) and USDN grew. At the time those purchases pushed on Luna and Waves, now there is nothing to push.
At the most, if you have large capital available, you could keep an eye on the paxgold price on Uniswap and the paxgold price on the cex to seize any arbitrage opportunities.
More generally, this phenomenon is not so interesting for speculation opportunities but because it could help to make decentralized finance known as a real alternative to classic finance, since it will not be possible to buy gold from Russia, but onchain yes through Pax Gold!
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