Altcoins

Polygon (MATIC) Tops ETH Whale Accumulation List Followed By SHIB & MANA

Author: Elena R

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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Story Highlights
  • MATIC, Shiba Inu & Decentraland tops ETH whale accumulation

  • As per the data, ETH whales bought $59 million MATIC tokens

After going through a roller coaster ride and getting spinned into the bearish storm last year, the crypto market is now standing strong. Among all the cryptocurrencies, Bitcoin has gained the spotlight in terms of massive gain and leading the crypto bull market. Since the start of 2023, Bitcoin has managed to surge 40%.

At the time of writing, Bitcoin is selling at $23,696 after a surge of 2.11% in the last 24hrs

It’s just not Bitcoin and Ethereum which have gained 40%, even smaller currencies like Solana have flipped nearly 50% upwards. The recovery rally has even pushed the global crypto market cap beyond the $1 trillion mark. One of the main reasons for such a massive jump is the whale activity.

MATIC, SHIB & MANA Tops ETH Whale Accumulation87

According to WhaleStats which tracks the crypto whale activity, the top Ethereum whales have mostly leaned towards buying Shiba Inu (SHIB), Polygon (MATIC), and Decentraland (MANA). Among these, MATIC stands first as it has been accumulated by top 500 ETH whales in the last 24hrs.

One of the reasons that indicates towards top ETH buying most of MATIC tokens is the network’s recent upgrade and hard fork. The upgradation and the hard fork mainly focuses on decreasing gas fee. Further, the Santiment claims that the Whales have managed to purchase 59 million MATIC tokens which is worth nearly $56 million. At the moment, MATIC is changing hands at $1.16 with a jump of 1% over the last 24hrs.

Meanwhile, the reason for whales accumulating Shiba Inu is the upcoming Shibarium Beta launch which is expected on February 14. Currently, Shiba Inu has gained 1.33% and is now trading at $0.00001208. Lastly, Decentraland bags the top 10 purchased tokens among the 100 biggest ETH whales in the last 24hrs. At the time of writing, MANA is trading at $0.7972 as the altcoin has spiked 13.34% over the last 24hrs.

However, this week’s CPI report will be a major influencer to this ongoing crypto rally which will decide further price action.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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