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Whales Move Their Funds to MATIC as Token's Price Increases by 10%: WhaleStats

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Wed, 16/02/2022 - 9:05
Whales Move Their Funds to MATIC as Token's Price Increases by 10%: WhaleStats
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The top 500 Ethereum whales have recently purchased $1 million worth of MATIC tokens that are currently going through a 13% run on the market. The whale is keeping the majority of his or her funds in stablecoins, according to the composition of funds.

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According to the WhaleStats tracking service, Matic currently remains in the top-15 assets by dominance among whale-tier wallets. More than $200 million worth of MATIC is currently being held by large addresses.

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Source: Whalestats

Matic itself has been actively moving through the rangebound market as the asset has not managed to break the $2 resistance zone after rapidly dropping from the current all-time high of $2.8. The local bottom was marked at $1.4, which is the zone that correlates with November's price levels.

The market faces a relief rally

Matic is not the only token that faced a local price recovery as the majority of altcoins have gone through a growth phase after Bitcoin managed to move past $44,200. U.Today previously covered that such altcoins as Shiba Inu and Dogecoin ended up as the leaders of the recovery rally.

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SHIB tokens have gained more than 8% to their value during the recovery despite retracing from the local top of $0.000035. Shib's counterpart, Dogecoin, has gained 12% at the local peak but could not keep the growth going and lost 2.5% of its value.

As of press time, Matic is trading at $1.80, while the market in general is facing a slight correction that caused the token to lose 1.5% of its value in the last 24 hours. As for the first cryptocurrency, Bitcoin is currently consolidating at $44,332 since yesterday.

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