A pseudonymous Twitter account has revealed that a single-wallet address has seen significant gains with Polygon MATIC/USD.
What Happened: A Polygon whale earned 6,090% gains over a 3-year period with its MATIC holdings. According to on-chain data, the whale received 4 million MATIC tokens from crypto exchange Binance for around $84,000 or just over 2 cents per token. Just two days ago, the wallet sold its MATIC holdings for a whopping $5.2 million worth of stablecoins.
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MATIC spiked 16% in the past week alone. According to data from CoinGecko, the token is now a 51% increase since the beginning of January. The rise in MATIC comes as Bitcoin BTC/USD and Ethereum ETH posted gains of 42% and 35%, respectively, over the past month.
MATIC’s price action is soaring as Polygon gears up to roll out its highly-anticipated zkEVM upgrade, first announced in July 2020.
At the time of writing, MATIC is the tenth-largest cryptocurrency, with a total market capitalization of over $10.6 billion.
Price Action: MATIC was trading at $1.16, up 1.5% in the last 24 hours, according to Benzinga Pro.
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