Whale MATIC Sells Coin 4.5 MILLION MATIC AND Buys Stablecoin DAI

Whale selling millions of MATIC cryptocurrencies. (Photo; Doc. Mt Pelererin)

JAKARTA The Pope or Whale, which refers to the term the most crypto owners in crypto, this time carried out unexpected actions by selling Polygon tokens (MATIC) after experiencing a significant increase in the past month.

After selling MATIC, the whale chose to buy the DAI stablecoin. The whale first bought MATIC at a price of 0.02 US dollars per token. He sold it at a price of 1.14 US dollars per MATIC.

Based on on-chain data from Lookonchain, early holders of MATIC tokens made a three-digit profit after selling 4.5 million tokens in exchange for 5.2 million DAI at an average price of 1.14 US dollars per MATIC. This figure shows that the early holder received part of the fund at an average price of 0.02 US dollars.

"A MATIC early holder sold 4.553.023 MATIC for 5.200.081 DAI at an average price of 1.14 US dollars today. MATIC holders received 4 million MATIC from Binance at a price of 0.02 US dollars," wrote Lookonchain (@lookonchain), January 28, 2023.

The unexpected move taken by Pope Matic in selling millions of dollars worth of tokens may be due to the performance of the MATIC token price, which is strengthening in the market. The Polygon token, as one of the related tokens, has increased by more than 52 percent since hitting its lowest point on January 1, 2023.

This new year, this token has shown a more stable performance than the end of 2022. In addition to rallies that occur across markets, MATIC has also started its movement upwards compared to other major cryptocurrencies such as Bitcoin or Ethereum.

Prior to soaring in the market, Polygon has been actively working to strengthen the network's base by providing funding for blockchain events, attracting developers to the ecosystem, and developing their long-term vision.

In terms of price, MATIC shows better performance than several other alternatives. The token has moved in a limited range since July and the latest price movement puts it at the top of the range, this may be the reason Pope Matic decided to sell his holdings.

At the time of writing, MATIC is trading at a price of 1.13 US dollars or around Rp. 17,300. The price of MATIC tokens rose 15.4 percent in the past week, according to Coingecko data.