Polygon: Whales hoard 47M MATIC tokens despite sluggish macro outlook

Lavina Daryanani
Source: Coin News

Top Ethereum whales have been on a MATIC buying spree. Over the past day, 5 big transactions involving a sum total of 47 million MATIC tokens have taken place.

The largest transaction involved 20,196,145 MATIC tokens worth $33,525,601, while 999,996 tokens worth $1,699,994 were involved in the smallest transaction. The number of tokens in the other three transactions revolved in the 2 million to 15 million bracket.

Owing to the aforesaid transactions, MATIC ranked one on the most-traded token list [among the top 1000 Ethereum whales].

READ ALSO: Has Polygon’s EIP-1559 upgrade opened the doors to $10 for MATIC?

Source: WhaleStats

Polygon v. the rest

Things haven’t been going on well for MATIC on the fundamental front too. The cumulative TVL on its bridges currently stands at $5.14 billion. The same has declined by 18% over the past day.

The value locked on its competitor bridges like Avalanche, Harmony and Optimism too declined, but their magnitudes were lesser when compared to that of Polygon’s.

Source: Dune Analytics

Quite parallelly, the number of transactions unique carried out on the Polygon network is currently lesser than what was recorded in December. The difference was even more stark when compared to last year’s June levels.

READ ALSO: Polygon Acquires ZK Protocol Mir For $400 Million

Source: Dune Analytics

So, despite being the off-late whale-favorite token, Polygon’s fundamentals are in quite a wobbly state. As long as they do not get better, they’d keep haunting MATIC’s performance.

Over the past week, Polygon’s native token has shed 22% of its value. With a market cap of $12.16 billion, the 14th largest crypto was seen exchanging hands at $1.63 at the time of press.