Are Shiba-invested Ethereum whales anticipating a MATIC rally?

Lavina Daryanani

Ethereum whales are known for their diversified portfolios. Apart from stockpiling prominent large-cap coins, they tend to accumulate other not-so-eminent coins too. They don’t mind doing so because their risk appetite is usually quite high.

SHIB is one such ‘favorite’ coin possessed by leading Ethereum whales. However, the fourth-biggest whale “Light” was in the news earlier in the day for purchasing another token.

As per data from WhaleStats, Light added 1,337,000 MATIC tokens worth $3,315,760 recently. At press time, MATIC’s market cap was slightly lower than that of SHIB, making it the 14th ranked token on CMC.

Despite the aforementioned massive purchase, SHIB accounts for the largest HODLing [30.92%] in Light’s wallet. The meme coin was followed by Ethereum [18.99%] and CRO [13.27%].

MATIC, however, makes up only 2.69% of the aforementioned whale’s wallet.

MATIC’s price movements haven’t been quite noteworthy of late. After losing 2% and 7% on the daily and weekly time windows, this token was seen trading at $2.4 at the time of writing.

In fact, just a few hours back, another ETH whale “Saitama” loaded over 782k MATIC tokens worth $1.8 million.

Whales usually accumulate tokens during dips and HODL them and wait for them to rally. So, looking at the current whale interest towards MATIC, it would be interesting to see if a rally indeed materializes or not in the coming days.