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MATIC Whale Holding 20 Million Tokens Buys Extra $10 Million Worth

Fri, 01/07/2022 - 11:34
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Tomiwabold Olajide
Whale holding 20 million MATIC tokens buys additional $10 million worth
MATIC Whale Holding 20 Million Tokens Buys Extra $10 Million Worth
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According to WhaleStats, a large entity presently holding almost 20 million MATIC, acquires 4.84 million tokens or $10.8 million worth at the time of purchase.

In two large transactions, the whale ranking 292nd among the top 1,000 ETH wallets tracked by WhaleStats purchased the tokens as the market continues its selloff. The first transaction of 2,619,275 MATIC, or $5,867,176 worth, occurred about 18 hours ago. This second transaction of 2,239,401 MATIC, or $5,016,258 worth, followed nearly four hours after.

Token Holdings, Source: WhaleStats

Data provided by WhaleStats indicates that the large entity mostly bets on Polygon MATIC, having a balance of 20,293,587 tokens valued at $42,885,848.

MATIC is the native crypto asset of the Polygon Blockchain and is ranked 15th largest cryptocurrency by market capitalization, according to CoinMarketCap data. At press time, MATIC was exchanging hands at $2.15, down 4.33% for the day.

Aside from Ethereum and MATIC, which constitute the larger chunk of the whale's portfolio, other tokens such as 125,000 AAVE, 600,000 SUSHI and 1.12 million 1INCH seem to suggest an interest in DeFi.

WhaleStats puts the overall worth of the whale's ERC-20-based crypto assets at $137,126,190.

Polygon ecosystem grows

Polygon recalled growth in its ecosystem in 2021, stating that it welcomed 7,200 new developers in December 2021 alone. The network presently has more than 10 million unique active users, suggesting growth in utility.

U.Today earlier reported on the three milestones Polygon is set to expand in 2022. In the first quarter of 2022, the Polygon blockchain will be incorporated into Opera's Web3-ready browser and built-in crypto wallet for Android.

Later this year, in the second and third quarters of 2022, the Layer 2 platform will see the launch of Polygon Hermez and Polygon Miden public testnets. Last but not least, EIP-1559 will introduce the burning of MATIC tokens and better fee visibility.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.