Whales have been actively buying MATIC for the past six weeks since the beginning of May. As a typical whale token, SHIB has been ignored meanwhile.
Ethereum whales choose MATIC over SHIB for more profit
According to recent tweets from WhaleStats, big Ethereum whales are buying massive amounts of MATIC. Polygon (MATIC) gained more than 26% at one point along with these acquisitions. Since last week, it has risen by a stunning 46.31%.
Ethereum whale named “BlueWhale0072” starts buying MATIC
WhaleStats reports that in the past 24 hours, a whale known as “BlueWhale0072” has made two transactions, taking 10,000,000 and 4,723,190 MATIC. All in all, these two acquisitions are worth $8.7 million. As cryptokoin.com reported, whales have been actively buying MATIC for the past six weeks since the beginning of May. By doing so, they showed a 9 percent increase in wallet balances from 100 million to 1 billion tokens. So what are the reasons behind the growing interest of large wallets in Polygon MATIC?
MATIC partners with KlimaDAO for carbon neutrality
In a recent blog, Polygon announced its partnership with KlimaDAO. MATIC has recently published an eco-friendly Green Manifesto. It purchased $400,000 in carbon credits, which is equivalent to 104,000 tons of greenhouse gases. Thus, Polygon becomes more suitable for institutional investment. Also, on the technical side, MATIC is in oversold territory. A reasonable estimate for 2025 is around $6-8 based on a technical outlook.
Sandeep Nailwal, co-founder of Polygon, is taking the initiative to make the project network positive for the environment. Nailwal does not ignore the current environmental crisis. In addition, it announced that MATIC has committed $20 million to use Web3 and create a sustainable future.
The latest expansion of MATIC makes the tier 2 scaling solution more effective as it has been adopted by hundreds of projects such as AAVE, QuickSwap and Curve Finance. MATIC recently launched a scalable payment platform, increasing the number of transactions per second to 2,000.
What is a polygon? How does it differ from SHIB or other whale tokens?
Polygon is an Ethereum-banned Tier 2 scaling solution. The project focuses on scalability and reducing the complexity of on-the-fly transactions. It is also built on Proof-of-Stake checkpoints. Besides, it uses a special version of the Plasma framework. This technology enables each side chain in Polygon to process up to 65,536 transactions per block.
While Polygon currently only supports the Ethereum Blockchain, the network aims to expand to other networks soon. Thus, Polygon will become a more interoperable and decentralized tier 2 platform.
35412
