According to the latest WhaleStats data, with Mumbai testnet “coin burnWhales has piled $14 million into altcoin project Polygon (MATIC). Here are the details…
Altcoin whales gather around MATIC!
According to four different transactions reported by whale detective WhaleStats, massive wallets purchased around five million MATIC tokens following the Ethereum EIP-1559 testnet implementation on Dec. The most recent acquisition is an Ethereum whale that ranks 453th among the top 1,000 Ethereum wallets tracked by WhaleStats. According to their on-chain traces, these whales looted 2,490,000 MATIC tokens or $4,631,400 worth of MATIC in the last 22 hours.
What happened in the polygon network?
On December 14, Polygon’s development team announced the launch of the EIP-1559 testnet application to explain the burning of MATIC tokens. This was then implemented on the Mumbai testnet at 08:00 UTC on 14 December. Then, whale purchases for Polygon (MATIC) have increased by 112% in the last 24 hours, according to another on-chain analytics firm IntoTheBlock. The firm monitors the movement of huge wallets buying over $100,000, and an increase in metrics signals that institutions or whales are buying and selling.
At the time of writing, Polygon (MATIC) price is trading at $2.17, up 11.41 percent over the past 24 hours. cryptocoin.com MATIC, which we quoted as, started to rise on December 14 and shows the highest performance after AVAX (20%) among the top 20 altcoins by market capitalization.
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