Altcoins

MATIC Burn on The Way! Whales Stock Up More Than $14M MATIC Tokens

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Dec 18, 2021

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With the price function continuing to grow, Polygon is currently supporting the bulls. The current MATIC/USD resistance level is a severe block, and it will need more force to conquer it. Bulls have set their sights on $2.08 as their next target, another critical resistance level to breakthrough in order to unlock more price gains. 

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Polygon has released an upgrade to implement a fee-burning system similar to Ethereum (ETH) and Binance Coin (BNB) (BNB). Polygon will adopt Ethereum’s EIP-1599 upgrade and add the burning of native coin MATIC to enable improved transaction cost disclosure and other smaller improvements. 

The Mumbai Testnet will be the name of the upgrade that will be launched as a testnet on the network. A testnet is a blockchain that is used for testing and experimenting.

Also Read : Is Polygon (MATIC) The New Ethereum Of The Crypto Industry? 

Whales go on a shopping spree!

According to WhaleStats, whales have invested nearly $14 million into MATIC tokens since the “burn” statement. Since Polygon handed out the testnet implementation of the Ethereum Improvement Proposal 1559. On Dec. 14, whales have acquired roughly five million MATIC tokens in four separate transactions, according to the tracking website. 

The most recent purchase was made by an Ethereum whale who ranks 453rd among the website’s 1,000 largest Ethereum wallets. In the last 22 hours, they have accumulated 2,490,000 MATIC tokens, valued at $4,631,400. 

Large transactions for Polygon (MATIC) have increased by 112 percent in the previous 24 hours, according to on-chain analytics firm IntoTheBlock

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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