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Not just that, even while whales accumulated MATIC, the crypto asset still showed gains
Seems like the crypto market is now going back on track, where many cryptocurrencies have shown significant gains in the past several days. These gains came as breaking the streaks of continuous decline in price of crypto assets amidst the market crash. Overall, crypto market capitalization that for once even dropped to $800 billion has recovered and has reached $963 billion for now.
As a result of crypto assets marking gains, whales started accumulating them, resulting in further price hike. As per the recent tweets made by popular whale wallets data aggregator, WhaleStats, large Ethereum whale wallets have seen to keep purchasing huge amounts of MATIC, the native crypto asset of the Polygon network. This came in the wake of crypto assets marking a gain of about 70% in the last seven days from Saturday. However, at the time of writing Polygon (MATIC) is a bit lower and is trading at around $0.59 with still a gain of about 55% in a week.
Further the on-chain data service provider reported that on Saturday, for more than 24 hours, a whale wallet dubbed as BlueWhale0072 had accumulated MATIC tokens. The whale wallet had made two transactions where it had acquired 10,000,000 and 4,723,190 MATIC tokens respectively. Both the transactions for these approx 15 million MATIC tokens were worth about $8.7 million.
Earlier it was also reported that whales have been acquiring MATIC tokens actively for the last six weeks, starting from early May. In this way, the graph of wallets holding 100 million to 1 billion tokens has seen a rise of about 9% in their balance. Since November last year, this accumulation of MATIC tokens of Polygon has been the largest.
MATIC had shown a massive gain of almost 70% in a week, on Saturday while for the past two days it had even added more than 26% rise in its price. However, MATIC is not the only crypto asset that Whale wallets are accumulating as popular meme currency Shiba Inu (SHIB) has also been the apple of the eye. Whales have accumulated SHIB tokens in bulk that ended up making it the most accumulated cryptocurrency.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
