Weekend Feeding Frenzy As Crypto Whales Feast, Acquire 28M MATIC Tokens Worth $57M In The Past 48 Hours
MATIC is an Ethereum token used to power the Polygon Network, a scaling solution for Ethereum with aims to provide faster, easier, and less expensive transactions than rival networks. The MATIC token is used to pay for all transaction fees and is needed to participate in proof-of-stake consensus and has been in high demand over the weekend. The cryptocurrency tracking outfit Whale Alert just released information that an unregistered owner just transferred 2, 674,144 MATIC tokens worth almost $6 million to the Binance exchange. When added to the amount of MATIC moved by whales over the weekend, it adds up to a combined 25.4 million tokens changing hands for the Polygon blockchain.
By Andrew Senior
January 10th, 2021
Data collected from one whale’s address on the Polygon blockchain shows that the cryptocurrency owner is without a doubt a true believer in MATIC as their wallet held a whopping 71,451.559 tokens in the past four months. All of the MATIC holdings were moved out of that same wallet 125 days ago, possibly to sell it or convert it into a different crypto. In the past four hours, the wallet also shifted 2,674,144 MATIC tokens to the Binance exchange, lowering the total MATIC held in their wallet to 0.00936988.
MATIC has seen an uptick in demand to start the New Year. On Jan. 8, some of the top 1,000 ETH whales purchased 7,275,966 MATIC tokens to the tune of $15,144,497. According to the WhaleStats scale tracker, the acquisitions were made by ETH whales ranked 557th, 119th and 169th.
In addition to the transactions made on January 8, two large MATIC transfers were spotted by Whale Alert. Those two transactions were valued at a total of $12,119,079 representing an astounding 18.2 million tokens.
Adding up all these transactions shows that the total amount of MATIC bought, sold, and moved between wallets since Saturday January 8 constitutes over 28 million tokens, with a value equal to $57,181,419.
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