Whales Acquire Around $14million Worth of MATIC Tokens Since “Burn” Announcement

Whales Acquire Around $14million Worth of MATIC Tokens Since “Burn” Announcement

WhaleStats data indicate that whales have piled almost $14 million into MATIC tokens after its ''burn'' announcement. In four different transactions reported by the tracking website, whales have acquired nearly five million MATIC tokens since Polygon rolled out the testnet implementation of the Ethereum Improvement Proposal 1559 on Dec. 14.

The most recent buy is that of an Ethereum whale ranking 453th among the 1,000 largest Ethereum wallets tracked by the website. They loaded up 2,490,000 MATIC tokens, or $4,631,400 worth in the last 22 hours.

🐳 An ETH whale just bought 2,490,000 $matic ($4,631,400 USD).Ranked #453 on WhaleStats: https://t.co/oXOwgrIkhpTransaction: https://t.co/eQjfqpSS73#MATIC #ERC20 #DEFI #ETH #whalestats— WhaleStats - the top 1000 Ethereum richlist (@WhaleStats) December 15, 2021

On Dec. 14, Polygon's core development team announced the rolling out of the testnet implementation of Ethereum Improvement Proposal 1559 to introduce the burning of its native MATIC token and better fee visibility. This was subsequently implemented in the Mumbai testnet on Dec. 14, at 8 a.m. UTC.

MATIC large transactions increase

According to on-chain analytics, IntoTheBlock, large transactions for Polygon (MATIC) have soared a whopping 112% in the last 24 hours. Large transactions track transfers that are $100,000 or more, and an increase in these metrics serves as a proxy for institutions and whales' buying and selling.

The MATIC price started climbing on Dec. 14 after announcing a launching mechanism similar to that of Ethereum. It presently ranks 14th largest and is up 8% in the last 24 hours at $2.18.

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