Whales are actively grabbing more Polygon (MATIC) tokens as the overall crypto market suffers a pullback.
Despite the cryptocurrency market’s modest downturn, Polygon, which was once a competitor to Ethereum, is still up more than 14,740 percent year to date.
Statistics revealed last week by WhaleStats shows two of the “top 1,000 League” of Ethereum whales purchased 1 million Polygon (MATIC) each.
Whales are buying increasingly more as the number 14 cryptocurrency network by market cap continues to consolidate.
Three big MATIC transfers have been discovered by Whale Alert, a crypto tracking data provider, between unknown crypto wallets and the Binance exchange.
According to tweets from the tracking service, three transfers totaling $92.69 million were onthe move.
Since the Polygon network’s “burn” announcement, Ethereum Whales have accrued more MATIC tokens, according to the tracking website.
Whales purchased around five million MATIC tokens in four separate transactions totaling approximately $14 million on December 14, when Polygon issued the testnet version of Ethereum Improvement Proposal 1559.
After two years of little growth and price hovering around $0.02, Polygon’s native token, MATIC, soared to new heights in 2021 and looks set to continue in 2022.
One of the key causes of the current price spike is the integration of Uniswap’s v3 on the MATIC blockchain, which has attracted great support and created a bullish narrative for the coin.
Scalability is one of the difficulties that the Ethereum blockchain faces and Polygon is helping to bring scaling solutions to the network. As the network is used by more and more decentralized apps and services, and transactions grow rapidly, the gas fees rise tremendously.
Polygon (formerly Matic Network) is the first well-structured, simple-to-use Ethereum scaling and infrastructure development platform. Polygon SDK, the framework’s basic component, is a modular, versatile framework that can be used to create a variety of applications.
At the time of writing, Polygon (MATIC) was trading at $2.60. With a live market cap of $18,106,596,711 USD, MATIC is now ranked #14 on CoinMarketCap. There are 7,162,892,403 MATIC coins in circulation, with a maximum supply of 10,000,000,000 MATIC coins.