Main navigation

Whales Acquire Around $14 Million Worth of MATIC Tokens Since "Burn" Announcement

Thu, 12/16/2021 - 12:17
article image
Tomiwabold Olajide
Whales have bought nearly five million MATIC tokens since announcement of burn mechanism
Whales Acquire Around $14 Million Worth of MATIC Tokens Since "Burn" Announcement
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

WhaleStats data indicate that whales have piled almost $14 million into MATIC tokens after its ''burn'' announcement. In four different transactions reported by the tracking website, whales have acquired nearly five million MATIC tokens since Polygon rolled out the testnet implementation of the Ethereum Improvement Proposal 1559 on Dec. 14.

The most recent buy is that of an Ethereum whale ranking 453th among the 1,000 largest Ethereum wallets tracked by the website. They loaded up 2,490,000 MATIC tokens, or $4,631,400 worth in the last 22 hours.

On Dec. 14, Polygon's core development team announced the rolling out of the testnet implementation of Ethereum Improvement Proposal 1559 to introduce the burning of its native MATIC token and better fee visibility. This was subsequently implemented in the Mumbai testnet on Dec. 14, at 8 a.m. UTC.

MATIC large transactions increase

According to on-chain analytics, IntoTheBlock, large transactions for Polygon (MATIC) have soared a whopping 112% in the last 24 hours. Large transactions track transfers that are $100,000 or more, and an increase in these metrics serves as a proxy for institutions and whales' buying and selling.

The MATIC price started climbing on Dec. 14 after announcing a launching mechanism similar to that of Ethereum. It presently ranks 14th largest and is up 8% in the last 24 hours at $2.18.

article image
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.