Whales Are Not Giving Up These 2 Altcoins: They Are Accumulating From The Bottom!

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Despite the heavy corrections in the overall crypto market, the whales of these two altcoins continue to accumulate non-stop.

Cardano whales refuse to give up

Despite questionable performance in the cryptocurrency market, whales on the Cardano network refuse to sell their holdings, adding to the pressure during the correction. Instead, the whales enter an active accumulation phase.

Big addresses on the rise

As Santiment’s on-chain data shows, major Cardano holders have increased their positions by nearly 110 percent since the massive price drop in the market that started Jan.

Previously, the same address group held 45 million ADA tokens, but according to today’s data, the amount of tokens held by whales now exceeds 95 million tokens.

Holder composition and profitability

The large addresses mentioned above, which currently hold around 100 million ADA tokens, can be considered the majority of investors, as the holder composition shows that 71 percent of all Cardano investors are mid-term. While 22% of Cardano holders are short-term traders, 7 percent are classified as long-term traders.

However, judging by the profitability of the token, a large portion of the market is at a loss as only 9 percent of all holders are currently profitable.

As the data shows, around 85 percent of all Cardano holders are currently at a loss, putting the asset in the category of the worst-performing digital assets in the market in terms of both short-term and long-term profitability.

At the time of writing, ADA, which is trading at $1.04, has increased by about 1 percent in the last 24 hours.

Major investors bought 3 million MATIC during the last dip

As reported by WhaleStats, a whale, ranked 297th among the top 1000 ETH wallets tracked by the platform, has purchased nearly three million MATIC tokens in three separate transactions. MATIC price dropped to recent lows of $1.30 on Jan. 24 before jumping to oversold. At the time of writing, MATIC is trading at $1.63, up over 2% in the last 24 hours.

According to the blockchain data tracker, the mystery buyer completed the first major transaction in the morning worth $1,660,149 worth 1,00,090 MATIC tokens. This was followed by two transactions of 845,778 and 1,159,995 MATICs worth $1,403,991 and $1,925,592 in one hour.

MATIC is also among the top 10 most bought and traded coins according to WhaleStats.

Polygon announces new milestones

Polygon EIP 1559 went live on January 18 and introduced the fee and burn mechanisms while ensuring Polygon’s Proof-of-Stake is fully compatible with Ethereum. Polygon states that as part of this implementation, the PoS block size has dropped from an average of 20MB to 10MB.

Ryan Wyatt, president of YouTube Gaming, recently announced that he will be leaving the video-sharing platform to join Polygon Studios as CEO.

Polygon Studios is the gaming and non-fungible tokens (NFTs) arm of the network. Polygon (MATIC) plans to invest $100 million in projects led by its subsidiary studio, which debuted in July.

Polygon also announced the release of the first Polygon Hermez 2.0 zkEVM Documentation. Polygon Hermez is an open-source ZK-Rollup optimized for secure, low-cost and usable token transfers on the wings of Ethereum.


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