Crypto Market Collapses, Time For Whales To Buy Polygon

JAKARTA – Polygon (MATIC) has had a growth rate of buyers in recent weeks. Data from analytics firm Santiment reveals that digital wallet addresses that hold one hundred thousand to one million MATIC have made massive purchases.

Since May 15th, MATIC owners have reportedly bought up more than twenty million MATIC tokens. The price of the token itself had touched its lowest level of 0.476 US dollars on May 12, 2022.

“On-chain data shows that addresses hosting 100,000 to 1,000,000 $MATIC have earned more than 20,000,000 #MATIC since May 15th,” wrote crypto market analyst Ali Martinez in a Tweet, on June 9, 2022.

The whales allegedly took advantage of the price drop when the crypto market crashed in recent months.

Whale movement tracker WhaleStats reports that MATIC is currently in the top 10 most purchased coins by Ethereum whales. The top 500 ETH whales have bought up MATIC.

For your information, Polygon is a layer-1 network that speeds up transactions on the Ethereum network at low cost. Because of this capability, Polygon is integrated with the popular NFT marketplace OpenSea.

At the time of writing, the price of MATIC was trading at the level of Rp. 9,446 at 15.20 WIB, June 10, 2022. The price of Matic has increased by 4.3 percent in the last 24 hours, as reported by data from Coingecko.