In the past 24 hours, two Ethereum whales have purchased 1,899,990 MATIC worth $4.4 million instead of SHIB, according to whale detective WhaleStats data. Two of the 1,000 largest Ethereum wallets tracked by the firm, Polygon remains the top option for whales, while giant wallets just bought 900,000 and 999,9990 MATIC worth $2,087,999 and $2,329,977, respectively. WhaleStats shares the whale tracks on Twitter:
Whales divert to MATIC instead of SHIB
As we reported as Kriptokoin.com, whales in the Ethereum network had gathered around SHIB and LINK in the past few days. Now, according to WhaleStats data, Polygon Blockchain’s native token, MATIC, rose by about 55% to $2.52 on December 7, from a low of $1.62 on December 4. WhaleStats adds that the following $2 million MATIC acquisitions arrived on Dec.
MATIC price reacts positively to purchases
At the time of writing, MATIC performs best weekly and daily in the top 20 rankings. Along with the whale buying, the price increase is the result of more users becoming aware of Polygon’s cheaper prices, increased efficiency and scalability, according to analysts. Also, Polygon’s anticipation of the virtual “dec day” set for December 9 is growing. Ethereum co-founder Vitalik Buterin is expected to speak at the panel. Polygon is a Layer 2 product that speeds up transactions by running on the primary Blockchain. It focuses on solving scalability issues of the Ethereum network that result in congestion and high fees. MATIC is currently trading in 14th place with a market capitalization of $17 billion.