Whales Aggressively Collecting From This Altcoin: “Rally Awaited”

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Recently, the popular altcoin Polygon (MATIC) shared an update regarding the most anticipated EIP 1559 implementation on its blockchain. Meanwhile, it turned out that Ethereum whales were collecting from this altcoin. As Kriptokoin.com, we convey the details…

Popular altcoin MATIC is preparing for a new update

The EIP 1559 upgrade will help Polygon burn its native MATIC token along with better transaction fees. The burning of MATIC means that the number of available tokens will decrease over time, and the price may increase in response. According to their official statement, Polygon has a fixed supply of 10 billion. Polygon shared their analysis of EIP-1559 implementation on Polygon PoS. According to this analysis, the implementation of EIP 1559 on the network will result in the burning of 27 million tokens annually from the total MATIC supply.

After this news, Ethereum whales seem to have become active. The mystery whale, currently ranked as the 157th largest Ethereum whale by Whalestats, has purchased a total of 7,483,202 MATICs worth $17.3 million in seven different transactions.

Whale appears to be buying MATIC aggressively, as data provided by Whalestats shows that its portfolio currently consists of MATIC (8.95 percent), the 3rd largest asset. Whale still holds 45,953,328 stablecoin Tether (USDT) as its 2nd largest holding. According to some, this indicates that more MATIC uptake by the same whale may be seen in the coming period. At the time of writing, the whale is holding a total of 10,217,247 MATIC tokens worth $21,763,310.