Polygon (MATIC) is the coin that Whales have stocked up the most on the Ethereum network as the cryptocurrency market stages comeback following a forgetful price movement in recent months.
The cryptocurrency market is now showing signs of widespread recovery, experiencing a significant decline over the previous month. Polygon network native token, MATIC has seen an enormous increase of 80% from its lows.
The fact that the biggest Ethereum (ETH) whale wallets are accumulating Ethereum Layer-2 protocol may be the reason MATIC surpasses the bulk of its rivals. The largest ETH whales have increased their holdings by more than 60 million MATIC tokens, totaling more than $36 million in the past few days.
The “BlueWhale0072” whale wallet account has made numerous transactions totaling $33.5 million to buy Polygon tokens. WhaleStats, a blockchain analytics tool, estimates the largest accumulation transaction made by a wallet to be worth $7.3 million.
MATIC is once again making waves among the top 10 of the most-accumulated cryptocurrencies by Ethereum with the most recent acquisitions made by the aforementioned whales. The value of MATIC tokens held by the top 100 Ethereum whales is above $77 million.
The use of Polygon PoS has skyrocketed, with a billion transactions logged last year. The network’s recent Coinbase announcement will also boost the network effect with users now allowed to make deposits and withdrawals on the network PoS mainnet directly.
The network presently generates 3 million transactions per day, more than double Ethereum’s volume, and has more than 130 million unique addresses and 2.67 million monthly active users.
MATIC is currently up 3.3 percent over the previous 24 hours, trading at $0.594. The token is among the 20 largest cryptocurrencies with a $4.76 billion token market cap.