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MATIC is the 2nd Most Favorite Token of top 5000 ETH Whales

According to the data provided by WhaleStats, the whales currently have a maximum of $204.7 million worth of MATIC.

Photo by Todd Cravens / Unsplash

By the end of March, the Polygon network will have released (1) the beta version of its Zero-Knowledge Ethereum Virtual Machine. As a crucial impending component of Polygon's development, this launch has been the subject of much anticipation among the community.  

In addition to this, the anticipation around MATIC has contributed to the company's excellent performance over the previous month.

In anticipation of the forthcoming launch, recent sources (1) indicated that Polygon (MATIC) had entered the Top 5,000 ETH whales' most acquired tokens list. According to the data provided by WhaleStats, the whales currently have a maximum of $204.7 million MATIC.

As a direct consequence of this development, Polygon (MATIC) has fallen behind SHIB, becoming the second-largest coin owned by the leading 5000 ETH whales.

The Leading Ethereum Whales Are Aggressively Scooping up MATIC

The total value of the MATIC holdings of the top 100 ETH whales is currently $181 million. In light of this, MATIC presently accounts for 3.75% of its holdings. Yet, among the top 100 ETH whales, SHIB owns the biggest tokens. These ETH whales have amassed SHIB tokens worth around $648 million, 13.4% of their total holdings.

According to the statistics provided by WhaleStats, Polygon is one of the top 10 tokens purchased by the top 100 ETH whales. It also ranks among the top 10 tokens in terms of trading volume and is one of the Smart Contracts that top Ether whales utilize the most frequently.

According to the data provided by Whalestats, a whale named Saitima made a single purchase of MATIC worth $23.34 million. Around 17.16 million MATIC tokens were exchanged during that transaction.

Forecast for the Pricing of Polygon (MATIC)

In the meantime, Polygon's Token MATIC has increased by 68% since start of year. However, it has lost 15% in last 1 week and trading at $ 1.256 at the time of writing.

MATIC chart. Source: (1.1)

MATIC has underperformed the overall crypto market, which has decreased by 2.6% over the past seven days, as its price has decreased by 4.50 percent over the same period. Also, its performance is worse than other Ethereum smart contract crypto, which are currently 1.40% lower.

Nonetheless, research from CoinGecko showed that the community had a positive outlook on Polygon (MATIC), with over 76% of people having a favorable opinion of the crypto.

Polygon's performance can be attributed to the growth of several ecosystems. As was previously reported, the imminent availability of the beta version of the zero-knowledge virtual machine is one of the primary factors contributing to the rise in MATIC's price. During these periods of expectation, the coin's price skyrocketed, increasing by several percentages.

There is a possibility that the new NFT that National Geographic released is another aspect that is helping Polygon's price performance. The first-ever NFT collection was made available just through Polygon after its launch by the company.

Likewise, these factors assisted in driving up the price of MATIC in January and the beginning of February. However, the current market fall has affected the coin, and it trades at a loss.