Polygon has risen 3% in the last 24 hours as data shows Ethereum whales have shopped up to MATIC this New Year.
500 Biggest Ethereum Whales Have MATIC on Top 10 Bought List
2022 was an abysmal year for Polygon investors as the cryptocurrency ended the year with a loss of more than 70%, but the coin has a more optimistic start to 2023.
At the time of writing, MATIC is trading around $0.7795, up 3% in the last 24 hours. Here is a chart showing asset price trends over the past five days:
Looks like the value of the crypto has seen some surge in the past day | Source: MATICUSD on TradingView
As shown in the chart above, Polygon started the year by observing some recent uptrends. However, as MATIC suffered some losses in the last days of 2022, the crypto is still 3% red in terms of returns over the past seven days, as the current increase has not been enough to offset the losses.
The reason for this latest rise in the coin’s price may be due to the buying pressure from the Ethereum whales. As data from the crypto whale tracking service WhaleStats, the 500 biggest ETH whales flocked to Polygon during the New Year as the token entered the top 10 list of most bought coins. Other coins purchased by this cohort include Shiba Inu (SHIB), Curve token DAO (CRV), and WETH (Wrapped Ether).
Also, the current stats of the top 100 Ethereum whales include MATIC, with the coin being the 5th most traded token in the last 24 hours.
🏆 Top 10 purchased tokens with 100 biggest #ETH pope today
🥇 $BUSD
🥈 $USDC
🥉 $WETH
4️⃣ $USDT
5️⃣ $MATIC @0xPolygon
6️⃣ $SHIB @Shibtoken
7️⃣ $CRV @kurvefinance
8️⃣ $REN @renprotocol
9️⃣ $CHZ @small
🔟 $MASK @realMaskNetworkWhale leaderboard 👇https://t.co/N5qqsCAH8j pic.twitter.com/wjw0s6M7T6
— WhaleStats (tracks crypto whales) (@WhaleStats) January 2, 2023
This means that Ethereum whales have consistently taken Polygon in the first two days of this year.
Polygon Not Seeing Much Dev Activity In 2022
While the accumulation of whales is definitely a bullish signal for the price of MATIC, there is also some negative news for the crypto. On-chain analytics company Santiment has broken up released top 10 list for cryptos based on developer activity, and Polygon ranks last in it.
“Developer activity” here is a measure of the average amount of work done by developers on any given project’s public Github. The high activity of the devs shows their commitment to keep improving and adding features to the project, which helps to develop the coin in the long run.
Since MATIC is far behind Cardano (ADA) and Polkadot (DOT) in this metric, it may have an impact on the price in the long term unless, of course, the activity picks up this year.
Featured images from Todd Cravens on Unsplash.com, charts from TradingView.com