On Monday, Polygon (MATIC) shared an update with its followers and holders regarding the much-anticipated implementation of EIP 1559 to the Polygon blockchain.
EIP 1559 upgrade will help Polygon to burn its native MATIC token along with better fee visibility. The burning of native token MATIC means to investors as the number of available tokens will decrease over time, and the price will increase in response. According to Polygon’s official blog post, Polygon’s MATIC currently has a fixed supply of 10 billion.
Polygon has published a case analysis of EIP-1559 implementation on Polygon PoS and its potential impact on MATIC total supply. According to this analysis, implementing EIP 1559 on Polygon will result in the burning of 27 Million coins from the total MATIC supply annually.
Soon after the news, Ethereum Whales became active, loaded their bags with Polygon (MATIC) coins, and made themselves ready for the next bull move.
The mysterious whale, currently ranked as the 157th biggest whale of Ethereum by Whalestats, loaded up a total of 7,483,202 MATIC, valued at $17,396,711 (17.3M) in seven different transactions.
The details for the seven transactions are as follows:
In the 1st transaction, The whale bought 1,129,993 of MATIC, for $2,723,283. In the 2nd transaction, she bought 1,149,995 of MATIC, valued at $2,771,488.
In the 3rd transaction, the whale bought 1,888,761 of MATIC, valued at $4,533,027. She bought 499,998 of MATIC, worth $1,139,995 and 1,104,997 MATIC, for $2,519,394 in the forth and fifth transction.
The whale doest not ended her buying and purchased 700,690, and 1,008,768 MATIC, for $1,520,497 and $2,189,027 in sixth and seventh transaction.
The whale seems to be aggressive in buying MATIC, as the data provided by Whalestats shows that his portfolio now consists of 8.95% of MATIC, the 3rd biggest holding. The whale is still holding 45,953,328 of the stable coin Tether (USDT) as his 2nd biggest holding, which signals that more MATIC’s buying by the same whale can be observed later in the coming few hours or days.
At the time of writing, the whale is holding a total of 10,217,247 MATIC coins, valued at $21,763,310.
Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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