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.
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:
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:
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.â€
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.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
