Ethereum Whale Buys MATIC worth $17 Million After EIP-1559 Upgrade
DailyCoin
Published Jan 19, 2022 08:55AM ET
Updated Jan 19, 2022 10:01AM ET
Ethereum Whale Buys MATIC worth $17 Million After EIP-1559 Upgrade
After posting gains of more than 12,000% in 2021, Polygon (MATIC) became one of the most-watched cryptocurrencies. In addition to its phenomenal gains, Polygon ranks amongst the best layer-2 scaling solutions, increasing its appeal to investors.
As the year wound up, multiple reports from WhaleStats emerged that some of the biggest Ethereum whales were acquiring Polygon (MATIC) in large quantities.
According to WhaleStats, as of January 12, the average MATIC purchase among the top 1000 ETH whales was approximately $530,000.
More Ethereum Whales are Turning to Polygon (MATIC)
New on-chain data now shows that Ethereum whales have returned to snapping up huge amounts of MATIC tokens. The report comes after the layer-2 scaling solution implemented the EIP-1559 upgrade on its Mainnet.
The EIP-1559 has introduced a token burn protocol to Polygon (MATIC). With MATIC being a fixed supply token, reducing the number of tokens in circulation will create a deflationary model, predicted to positively affect MATIC.
According to on-chain data, the 157th biggest whale of Ethereum has snapped up a total of 7,483,202 MATIC, valued at $17.4 million in seven different transactions. The purchases started after the upgrade was implemented.
According to the on-chain data tracker, WhaleStats, Polygon (MATIC) is the most traded crypto over the last 24 hours.
The 24 hours price chart of MATIC. Source: Tradingview
On the Flipside
- Although expected an uptrend, MATIC has suffered a huge 5% drop in 24 hours
Why You Should Care
With its success in 2021, more people have turned to the layer-2 scaling solution, as MATIC is predicted to gain even more in 2022.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.
Continue reading on DailyCoin
Get The News You Want
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.