Polygon (MATIC) Ancient Whale Drops His Holdings

Key Points:

• MATIC whale takes an unexpected move by selling millions of tokens. The whale accepts Polygon’s token in return for some DAI. When the token was trading for $0.02, the whale’s wallet saw its first MATIC transaction.
• The MATIC token’s price performance, which has been rising on the market over the previous several days, is most likely what caused such an unexpected rise. Since the local bottom was reached on January 1, the value of Polygon’s token has increased by more than 52%.

In the midst of the asset’s meteoric climb on the market, a pioneering MATIC whale takes an unexpected move by selling millions of tokens. The whale accepts Polygon’s token in return for some DAI. When the token was trading for $0.02, the whale’s wallet saw its first MATIC transaction.

According to on-chain information provided by Lookonchain, the early holder exchanged 4.5 million tokens for 5.2 million DAI at an average cost of $1.14. Given that the addresses received a portion of those monies at an average cost of $0.02, the profit was extremely high.

The MATIC token’s price performance, which has been rising on the market over the previous several days, is most likely what caused such an unexpected rise. Since the local bottom was reached on January 1, the value of Polygon’s token has increased by more than 52%.

In comparison to the end of 2022, the token’s performance has improved significantly in the new year. Even without the overall market rally, MATIC started moving upward before giants like Bitcoin or Ethereum.

Prior to the market’s sharp rebound, Polygon was aggressively promoting the network’s fundamental expansion by supporting a number of blockchain-related events, luring more developers into the ecosystem, and building it in accordance with their long-term goals.

From a monetary standpoint, MATIC has been performing far better than some competitors. Since July, the token has been fluctuating in a range; the most recent price change placed it at the upper end of the range, which may have been the catalyst for the whale’s decision to liquidate his holdings.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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