Whales, who are big investors, are of great importance in the cryptocurrency space. Many investors follow the movements of whales closely. Because the whale’s purchase of a large amount of coins, the rise of the coin in question; coin sales may indicate the decline of the coin in question. On the other hand, investors closely follow the unlock developments in some projects. The release of a certain amount of coins by the project owners causes the supply to rise. The unlock process is critical for cryptocurrencies, given the supply-demand balance. According to the data, there have been whale and unlock developments for two major altcoins recently. Here are the details…
Polygon whale takes action: Millions of altcoins go to Binance
cryptocoin.com As we reported, Polygon is a Layer-2 (L2) scaling solution that was launched as a solution to Ethereum’s production problems and high gas fees. Despite Ethereum’s successful transition to proof-of-stake (POS) and network upgrades, Polygon remains a favorite of many whales. Polygon’s faster transaction speeds and strategic partnerships to expand the ecosystem seem to yield network growth dividends.
According to Lookonchain, which provides on-chain data analytics, a MATIC whale recently removed the $50.27 million MATIC from the staking process where the coins remained locked. He transferred 26.5 million of these coins to Binance. It turned out that the whale in question received 153.4 million MATIC from Binance and Crypto.com exchanges between July 6 and September 2, 2022.
Crypto whales have become an increasingly important force in the crypto market as their movements often have a significant impact on price movements. While the identities and motivations of these whales are not known with certainty, they are believed to be institutional investors or high-net-worth individuals who can afford to make large trades that impact the market. According to some, the influence of crypto whales is likely to continue to increase as the market continues to mature.
STEPN unlocked 61.2 million GMT
If we look at other developments, we see that an unlock event has taken place in the GMT token of STEPN, a popular move-to-earn project. Stepn is a web3 lifestyle app with social and gaming elements. The token has come to the fore with an acquired unlock model that has become commonplace for many crypto projects lately. The platform combines the augmented reality (AR) component with P2E gaming.
According to the data, Stepn unlocked 61.2 million GMT. These GMTs were mostly sent to early investors. Immediately after this transfer, 5 addresses transferred 3.25 million dollars GMT to Binance. Thus, according to the data, the supply of GMT rose to 982.5 million.
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