ETH whales added Polygon (MATIC), amid a 60% price increase in the previous week

Published by
Nonhlanhla P Dube

After experiencing a significant decline over the previous month, the global cryptocurrency market is now showing signs of widespread recovery. This has caused the Polygon (MATIC) token to see a tremendous increase of 60% during the last week.

However, despite this price increase, the biggest Ethereum (ETH) whale wallets have been acquiring the MATIC token.

Whales on ETH add 60 million MATIC tokens.

In the last 48 hours, the largest ETH whales added have purchased Polygon tokens valued at almost R569 million. More than 60 million MATIC tokens were added as a result of the accumulation.

The “BlueWhale0072” whale wallet account alone has made several purchases totalling R529 million in Polygon tokens. The biggest wallet accumulation transaction, however, cost R115 million. Due to this, the MATIC token has increased its position as one of the most popular tokens bought by ETH whales during the past 24 hours.

Whales are storing Polygon tokens worth R1.2 billion.

As we look deeper, we find that the top 10 coins used by whales in terms of trade volume include the Polygon token. The leading ETH wallets have included MATIC in their list of the most popular smart contracts. The top 100 Ethereum whales collectively hold MATIC tokens valued at nearly R1.2 billion.

Prices for Polygon had a slight decline following a significant recovery. In the past day, MATIC prices have decreased by about 2%. As of the time of publication, it is trading for an average price of R9,17. Its current trade price is still 77% below its YTD price.

Coinbase now accepts deposits and withdrawals on their mainnet, according to a recent Polygon announcement. A user can now send and receive directly to Polygon PoS. This will make it easier for consumers to use Dapps on the network in a seamless manner. The Polygon has made significant progress because its PoS is the first network to launch on Coinbase.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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