According to crypto analytics firm IntoTheBlock, around 90% of Ethereum’s rival MATIC’s supply is in the hands of whales as it rises to an all-time high. Crypto whales are wiping out the supply of an Ethereum (ETH) competitor amid the altcoin project’s rise to an all-time high. Detail cryptocoin.com‘in.
This altcoin is collected by whales
Cryptocurrency analytics firm IntoTheBlock reveals that whales own 88% of the supply of Polygon (MATIC), a scaling solution designed to drive widespread adoption of decentralized applications on the Ethereum blockchain. The crypto analytics firm sees major holders as holdings at least 0.1% of MATIC’s circulating supply. 6,872,890,164 MATIC tokens are known to be in circulation. A 0.1% stake in its Ethereum competitor means ownership of 6,872,890 MATIC, worth $19.58 million at the time of writing.
IntoTheBlock also adds that 100% of MATIC traders are currently in the money or in profits, while Polygon has risen to an all-time high of $2.90. Looking at the composition of owners by holding period, the crypto analytics firm shows that 77% of addresses have held MATIC for between 1 and 12 months, and 21% for less than a month. Only 2% of addresses have held MATIC for more than a year. IntoTheBlock also looks at the amount of MATIC entering and exiting crypto exchanges. The analytics firm states that market participants have deposited $708.34 million worth of MATIC tokens on crypto exchanges in the past seven days, with exits or withdrawals of $618.24 million in the same time frame. At the time of publication, MATIC is trading at $2.85, up 4.66% in the last 24 hours.
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