WhaleStats data shows that despite all the scandalous developments of 2022, Fantom and Polygon are rallying on a network basis. Here are the cryptos whales bought instead of DOGE.
Whales are accumulating these projects instead of DOGE
According to WhaleStats, Polygon (MATIC) has been among the first choices of Ethereum whales in the last 24 hours. The top 100 members of this investor category purchased an average of 1,780 MATIC. This equates to $1,349 per whale. Meanwhile, demand for MATIC is based on a series of high-profile partnerships it has made throughout 2022. Data provided by Whalestats shows that the altcoin project continues this momentum
At the same time, the total portfolio of these Ethereum whales was already holding at 29.9 million MATIC. This is equivalent to $15.4 million at the current price. However, Polygon occupies just over 1% of the total value of the portfolio. According to IntoTheBlock data, the number of wallets holding MATIC is 573,813. However, only 13% of them were profitable and the majority at loss. 36% of addresses holding MATIC for more than a year are at a loss. Other coins that the top 500 Ethereum whales have bought in the last 24 hours, according to data provided by WhaleStats:
- Shiba Inu (SHIB)
- Kleros (PNK)
- Chiliz (CHZ)
- Curve (CRV)
Polygon sets new record as DOGE moves away
Meanwhile, the new year brought good news for Polygon, which hints that 2023 has a lot in store for the network. Vendible announced the release of the NFT Series IV, the Ible City utility at Polygon. Ible City is a collection of 16,000 plots, 7,000 of which are in Vendible’s virtual DAO. Ible City NFTs are released as tokens in six series over six networks.
It is also worth noting that Polygon has recently reached a new milestone, with the volume of NFT OpenSea reaching a new record in sales, surpassing the previous record set in 2021 at $324 million. This development is testament to Polygon’s popularity in the NFT ecosystem.
When will Phantom and Polygon prices respond?
My whale savings were soaring in both cryptos at the time of its release. A few of the metrics also support that MATIC will continue the momentum. The metrics also show that a trend reversal is just around the corner. Data from CryptoQuant revealed that MATIC’s net deposits on exchanges were lower than the 7-day average. This was also a positive signal as it showed the selling pressure was easing.
MATIC’s active addresses were also increasing, reflecting a larger number of users on the network. Network growth picked up last week, which looked upbeat. However, MATIC’s MVRV Ratio fell. This may cause the price of MATIC to drop in the coming days.
Andre Cronje, one of the legendary DeFi developers, keeps his 2023 expectations high in Fantom, as we have reported as Kriptokoin.com. Meanwhile, FTM was busy entering the top 50 by market cap.