Should you buy Polygon (MATIC) after Ethereum whales bought 7.3M Matic?

By: Invezz

Polygon MATIC/USD was created in 2017 and is a solution intended to provide multiple tools which both improve speed as well as reduce costs when it comes to transactions conducted on blockchain networks. 

Polygon is a multi-level platform that scales Ethereum thanks to sidechains, all of which have the goal of easing the load off of the main platform in an efficient and cost-effective way.

Whale interest as a catalyst for growth

When we took a look at the MATIC token on December 20, we discussed how Polygon (MATIC) made bullish gains but retreated shortly after.

On December 23, we saw an official post on the Twitter page of WhaleStats, that an ETH whale bought 4,000,000 MATIC tokens, which were, at the time of the purchase, valued at $10,160,000 USD.

However, this was just the start of the buying spree, as afterward, a second whale bought 1,000,000 MATIC for $2,690,000 USD.

This was followed by another whale that bought 747,594 Matic for $1,996,077 USD and another whale that bought 579,116 Matic for $1,511,493 USD. 

This is a total of 7,326,710 MATIC tokens, which were bought within the span of 24 hours.

All of this can contribute to the growth in value of the MATIC token.

Should you buy Polygon (MATIC)?

On December 24, Polygon (MATIC) had a value of $2.6428.

In order for us to see what kind of value point this is for the MATIC token, we will go over its ATH value point as well as its performance last month.

The all-time high value of the MATIC token was achieved on December 23, when the token reached a value of $2.74. At its ATH value point, the token was just $0.0972 higher in value or by 3%.

When we go over the token’s performance throughout November, we can see that its highest value point was on November 3, with a value of $2.1198.

Its lowest value point of the month, however, was on November 18, when it decreased to a value of $1.4795.

Here, we can see that the token decreased in value by $0.6403 or by 30%.

However, from November 18 to December 24, the token increased in value by $1.1633 or by 78%.

According to data from IntoTheBlock, Polygon (MATIC) saw $3.06 billion in transactions greater than $100,000 in the last seven days.

Additionally, it saw $575.91 million in total exchanges inflows as well as $560.99 million in total exchanges outflows.

With this in mind, we can expect Polygon (MATIC) to reach a value of $3 by the end of December, making it a solid buy.

The post Should you buy Polygon (MATIC) after Ethereum whales bought 7.3M Matic? appeared first on Invezz.

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.