Friday, January 28, 2022
Home Crypto News Market Polygon (MATIC) Nearing New All-Time High As Ethereum Whales And Venture Capitalists...

Polygon (MATIC) Nearing New All-Time High As Ethereum Whales And Venture Capitalists Are Shifting To Matic

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On Friday, Polygon (MATIC) rose sharply as much as 14.9% while many of the high-profile cryptocurrencies were trading in the red.


At the time of writing, Polygon (MATIC), a Layer 2 scaling solution backed by Binance and Coinbase, is trading 36% higher at the price of $2.44, with the trading volume of $5059,227,085 USD, in the last 24 hours. The current market cap of the coin stands at $14,911,854,099 USD, which makes the currency the 14th biggest in the world in terms of market cap.

matic price chart
Image Source: Coinmarketcap.com

 

Numerous whales are taking interest in Matic and are busy adding more of Polygon to their portfolio.

Recently, an Ethereum (ETH) whale “Saitama” bought 1,499,995 of MATIC valued at $2,924,990 USD. This whale is ranked #209 on WhaleStats.

The transaction can be seen at:

https://www.whalestats.com/transaction/ethereum/0x970af54ee5baad51575122a4c9f90f706794e5d2618af09bb93316b59dd98968

The other Ethereum whale “Light” bought 4,880,000 of MATIC valued at $8,735,200 USD. This whale is ranked #3 on WhaleStats.

The transaction can be seen at:

https://www.whalestats.com/transaction/ethereum/0x44a1c0dcb39ee64caaf0299341b0d8362f8667ddc1ffb1088015fedb4092429c

According to WhaleStats data, Light is now holding a total of 39,323,883.24 Matic Network tokens valued at $82,973,394.

 

Venture capital (VC) investors:

A group of venture capital (VC) investors are in discussions to back Polygon with an investment of between $50 million and $150 million, according to a report from TechCrunch.

“A number of investors including Sequoia Capital India and Steadview Capital are in talks to back Polygon, with an investment of between $50 million and $150 million.”

Polygon is a scaling platform that was developed to help reduce bottlenecks on the Ethereum network, which has long suffered from congestion and high fees. Polygon improves these aspects by speeding up transactions and making them more efficient.

This combination of high speed and low transaction costs has attracted a growing number of developers to the platform. As a result, more than 3,000 apps now reside on Polygon, according to data supplied by blockchain development platform Alchemy.

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Zabi
Zabi is crypto enthusiastic with more than 10 years of experience in managing Google News-approved Finance websites. Zabi has a strong background in finance with a thorough understanding of cryptos and a solid grip on the crypto and financial market industry. Along with his passion for crypto writing, Zabi manages his personal stock and finance-related Google News-approved websites.

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