ETH Whales Grab Polygon (MATIC),Token Price Surge 60% In One Week

The Crypto Currency market is slowly recovering from the carnage it witnessed in the last few days. The last week has seen Polygon (MATIC) token on a rising spree and has gained a massive gain of 60%.

However there are silent players like the largest of the Ethereum (ETH) whale wallets have been accumulating the MATIC token amid this price surge.

ETH Whales Put In Another 60 Million MATIC Tokens

One of the biggest ETH Whales has added another $36 million worth of Polygon tokens in their kitty in the last two days. This addition brings a total of more than 60 million MATIC tokens

The biggest ETH Whale is the Whale wallet address named “BlueWhale0072”. The wallet has single handedly transacted $33.5 million worth of Polygon tokens through multiple transactions. The largest transactions done by the wallet was worth an astounding $7.3 million. The activities of whales have also affected the MATIC prices which have surged and became the most purchased tokens by ETH whales in the last 24 hours.

Delving deeper reveals that Polygon comes at the top of the 10 coins which are usually used by whales in their trading volume. In the top ETH wallets, MATIC has become the most used smart contracts. The top 100 Ethereum whales cumulatively hold over $77 million worth of MATIC tokens.

Polygon recovery was stupendous but Polygon prices went into a small correction phase and fell 2% in the last 24 hours. It is trading at an average price of $0.58, at the press time. It is still trading lower by 77% than its year to date (YTD) price.

Coinbase has enabled Polygon deposits and withdrawals on their mainnet. A user can now send and receive to Polygon PoS directly. It will enable the user to have a seamless user experience for using Dapps on its network. It is a big development and for the Polygon as its PoS has become the first network to go live on Coinbase.