Whales Added 1,899,990 MATIC to Their Holdings in Last 24 Hours

Whales Added 1,899,990 MATIC to Their Holdings in Last 24 Hours

Two Ethereum whales have added the amount of 1,899,990 MATIC ($4,417,976) in the last 24 hours, according to crypto whale tracker WhaleStats. Two of the largest 1,000 Ethereum wallets tracked by WhaleStats just purchased 900,000 and 999,990 MATIC tokens, or $2,087,999 and $2,329,977 worth, respectively, as Polygon continues to be a top choice among large investors.

🐳 An ETH whale just bought 999,990 $matic ($2,329,977 USD).Ranked #360 on WhaleStats: https://t.co/62Q8q8a3ZITransaction: https://t.co/JOXx2Li4XR#MATIC #ERC20 #DEFI #ETH #whalestats— WhaleStats - the top 1000 Ethereum richlist (@WhaleStats) December 8, 2021

MATIC, the native token of the Polygon blockchain, has risen from Dec. 4 sell-off lows of $1.62 to highs of $2.52 on Dec. 7, a nearly 55% gain.

🐋 An ETH whale just bought 900,000 $matic ($2,087,999 USD).Ranked #207 on WhaleStats: https://t.co/2do7yJzgy7Transaction: https://t.co/iVbOjdzivv#MATIC #ERC20 #DEFI #ETH #whalestats— WhaleStats - the top 1000 Ethereum richlist (@WhaleStats) December 8, 2021

MATIC was slightly higher at $2.35 at press time. Aside from the whale buy, the price increase is the result of more users becoming aware of Polygon's cheaper prices, increased efficiency and scalability. The anticipation for Polygon's virtual "zk day," which is set for Dec. 9, is growing. The focus of the event will be on the applications of zk-STARKs and zero-knowledge (ZK) proofs, with Ethereum co-founder Vitalik Buterin expected to speak on the panel.

Polygon is a Layer 2 product that speeds up transactions by working on top of primary blockchains. It focuses on solving the Ethereum network's scalability issues, which have resulted in congestion and high fees.

Polygon's MATIC token is currently the 14th largest cryptocurrency with a market cap of $16.6 billion, according to data from CoinMarketCap.

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