- While the price of the native token of the platform, which is traded as an Ethereum scaling solution, continues to rise, whales continue to accumulate this altcoin heavily.
The global cryptocurrency market continued to experience a broad recovery after witnessing a massive crash last month. This too polygon‘s native cryptocurrency MATIChas led to a huge gain of 26 percent in the last 2 days and 70 percent in the last 7 days.
However, the largest Ethereum (ETH) wallets have been heavily bustling amid this price surge. MATIC token continued to accumulate.
According to recent tweets by the WhaleStats on-chain data service, large Ethereum whales are in Polygon (MATIC) The coin has seen a huge increase in value since the start of the week, while continuing to buy in large chunks.
ETH whales upload 60 million MATIC tokens
The biggest ETH whales are worth over $36M in the last 48 hours Polygon (MATIC) he bought. This accumulation is more than 60 million MATIC token resulted in the addition.
Among these huge whales, a whale wallet address named “BlueWhale0072” bought Polygon alone for $33.5 million in multiple transactions. However, the largest deposit transaction made by the wallet was worth $7.3 million. This exchange has made MATIC token a place in the list of the most bought tokens by ETH whales in the last 24 hours.
🐋🐋 ETH whale “BlueWhale0072” just bought 11,846,885 $matic ($7,337,250 USD).
Ranked #362 on WhaleStats: https://t.co/kgrpYD1z09
Transaction: https://t.co/D7N6Gw7HQF#ethereum #whalestats #babywhale #BBW
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) June 24, 2022
Whales hold $77M worth of MATIC
Taking a closer look at the whale watching platform’s data, it can be seen that Polygon is in the top 10 most used coins by whales in terms of trading volume. In addition, MATIC has also made its way into the list of smart contracts most used by the largest ETH wallets. In addition, the top 100 Ethereum whales cumulatively hold over $77 million in MATIC tokens.
Whales have been actively buying MATIC for the past six weeks since the beginning of May. As a result of this purchase, there was a 9 percent increase in the balances of wallets with 100 million to 1 billion tokens. This is MATIC’s biggest accumulation since November.
price action
Polygon price has dropped a bit after it rebounded tremendously. The price of MATIC, which has fallen by about 2 percent in the last 24 hours, is trading at an average price of $ 0.58 at the time of writing. Running on top of the Ethereum blockchain to enable faster and cheaper transactions, the cryptocurrency is trading at 77 percent lower than its price at the start of the year.
In a recent announcement, Polygon announced that Coinbase supports deposits and withdrawals on their mainnet, and now a user can send and receive funds directly to Polygon PoS. This is expected to help users have a smooth user experience to use Dapps on their networks. Critical development as it is the first network to go live PoS on Coinbase polygon is seen as a great success.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.