A whale that entered the market a long time ago took action to sell its MATICs. The altcoin whale made this move as the MATIC price rose. Whale bought some DAI while selling Polygon tokens. According to the data, the first MATIC transaction in the whale’s wallet took place while the token was trading at $0.02. Details are here.
On-chain shared by Lookonchain data As demonstrated, the investor sold 4.5 million matics for 5.2 million DAI at an average price of $1.14. As mentioned above, the whale invested in MATIC quite early. Considering that the addresses received some of these funds at an average of $0.02, the profit reached triple digits.
A $MATIC early holder sold 4,553,023 $MATIC for 5,200,081 $DAI at an average price of $1.14 today.
the $MATIC holder received 4M $MATIC from #Binance when the price is $0.02.https://t.co/t1yM9Qergc pic.twitter.com/glPeg3KMjaNEWS CONTINUES BELOW
— Lookonchain (@lookonchain) January 28, 2023
Considering the rise in the altcoin price, the sale in question is not too surprising. MATIC has gained more than 52% since hitting a local bottom on Jan. In the new year, the token performs much more solidly compared to the end of 2022. Moreover, MATIC started its rally earlier than leaders like Bitcoin or Ethereum.
Prior to the market recovery, MATIC was actively working on the core growth of the network by funding various events, attracting more developers to the ecosystem and developing it according to their long-term vision. Considering the price of MATIC, it can be said that it performs much more robustly than some alternatives.
You can follow the current price action here.