MATIC Shoots Up As Whales Stock Up On Token

KEY POINTS

Polygon Matic is being bought up by Ethereum whales
This got reflected in the price of the token too
Polygon has gone over 30% up within the previous week

Some of the biggest Ethereum whales are buying up Polygon (MATIC) and this has caused the token to rally in the last seven days.

Polygon is a layer 2 scaling solution designed to make Ethereum transactions faster and cheaper.

MATIC, Polygon's native token, rose over 30% in value in the last seven days.

As per statistics from WhaleStats, Polygon has been bought by the richest Ethereum holders in throughout the previous week, which could have addedto the price pump.

Whalestats tweeted that the 635th richest ETH wallet bought MATIC worth more than $8 million.

And that the fourth , 25th, 311th, 333th, 369th and the 403rd richest Ethereum wallets each bought over $1 million worth of MATIC in the previous week.

And the 365th richest Ethereum wallet bought around $20 million worth of MATIC.

In addition, the 305th richest Ethereum wallet both bought $3 million worth of MATIC in the last week.

Whalestats also tweeted that Matic had become the most-traded token by the richest Ethereum wallets, wrangling the position from SHIB.

All this has reflected in the price of the token too. MATIC, which was trading at $1.48 on Feb. 3, was at $2.05 at 4.46 a.m. ET on Thursday, data from Coinmarketcap showed.