JAKARTA – Two Ethereum whales have reportedly bought up the Polygon (MATIC) cryptocurrency. Not half-heartedly the two whales bought 1,899,990 MATIC which was worth 4,417,976 US dollars or equivalent to Rp63.4 billion). The whales bought 900,000 and 999,990 Polygon coins respectively. This proves MATIC to be the choice of big-name investors.
MATIC is the native token of the Polygon blockchain. The MATIC crypto price has increased significantly from 1.62 US dollars on December 4, skyrocketing to 2.52 US dollars on December 7 yesterday. Polygon is up 55 percent as reported by U.today.
The MATIC price increase was not only driven by whale purchases but also due to the recently implemented efficiency and scalability improvements. In addition, they also held a virtual event together with Ethereum founder Vitalik Buterin as a panelist which will be held on December 9th.
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Polygon is a Layer 2 product that functions to speed up transactions by operating on the main blockchain. Polygon focuses on solving Ehereum's network scalability issues which often result in congestion and high gas fees.
Currently, the MATIC cryptocurrency ranks the 14th largest by market capitalization. At the time of writing, the MATIC crypto price was trading at the level of Rp33,442. MATIC saw a 4.0 percent increase in the last 24 hours according to a data report from CoinGecko.
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