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Polygon (MATIC) Price Goes Green as Whales Buy Dip: Details

Mon, 01/02/2023 - 13:14
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Gamza Khanzadaev
MATIC price goes up while whales fill their bags with Polygon token
Polygon (MATIC) Price Goes Green as Whales Buy Dip: Details
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According to WhaleStats, Polygon's token, MATIC, has become one of the most bought crypto assets in the last 24 hours by Ethereum's largest holders. The average number of tokens purchased among the hundred largest members of this investor category was 1,780 MATICs, the equivalent of $1,349 on average per whale.

At the same time, the total portfolio of these Ethereum whales already has 29.9 million MATIC, which, at the current price, is equivalent to $15.4 million. However, the share of the Polygon token from the total size of the portfolio is just over 1%.

If IntoTheBlock data presented on CoinMarketCap is to be believed, the number of MATIC holders currently stands at 573,813 addresses. However, only 13% of them are in profit, and it appears that most of them are those 36% of the addresses that have held the token for more than a year.

Polygon (MATIC) Squashes New Milestone in User Activity as 2022 Closes

It is worth noting that, according to the same data, 85% of Polygon's total token supply is in the hands of the top 100 holders. This is not entirely representative, as 36.45% of the total MATIC offering is locked in a staking contract.

Polygon (MATIC) price reaction

The desire of large Ethereum holders to buy back the three-month lows on MATIC was rewarded by a subsequent 2.3% rise in the token's price. That said, MATIC's capitalization at its current price still puts it firmly in the top 10 of the largest crypto assets ranking.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.