In the ever-volatile landscape of the cryptocurrency market, recent days have seen a surge in turbulence, with Bitcoin and leading altcoins struggling to maintain stability. Among them, MATIC, the native token of Polygon, hasn’t been immune to the downward pressure, experiencing a drop of nearly 2% in the past 24 hours alone.
As of the latest data, MATIC is trading at $0.69, marking a 21% decrease compared to the previous week.
Source: CoinMarketCap
MATIC: Whales Seize The Opportunity
Despite the market downturn, some seasoned investors are viewing this as an opportunity to stockpile MATIC at lower prices. Large holders, colloquially known as whales, have been particularly active during this period of volatility.
Notably, there has been significant accumulation of MATIC by whales, with one notable investor scooping up nearly 2 million tokens. This trend of accumulation is further evidenced by an uptick in the number of wallets holding substantial amounts of the altcoin, ranging from 1,000 to 10 million coins.
Which #altcoins did whales buy after the market dropped?
We noticed a fresh wallet withdrew $17.43M #altcoins from #Binance in the past 3 hours, including:
48,922 $AVAX($1.86M)
621,003 $FET($1.45M)
5.14M $GRT($1.44M)
1.9M $MATIC($1.41M)
532,444 $OP($1.29M)
135,751 $RNDR($1.26M)… pic.twitter.com/peeRi3E3nR— Lookonchain (@lookonchain) April 15, 2024
Additionally, large transactions worth more than $100,000 have increased significantly, indicating a concerted effort by whales to buy the dip.
Total crypto market cap is currently at $2.231 trillion. Chart: TradingView
Bullish Sentiment Prevails Among Whales
Whales remain steadfast in their bullish outlook for MATIC. Data shows that more than half of all whale positions for the crypto on Binance are long. This suggests that large investors are confident in the token’s potential for a short-term rebound. Their optimism is rooted in their belief in the underlying fundamentals of MATIC and its role within the Polygon ecosystem.
However, amidst the backdrop of price volatility, there has been a surge in negative commentary surrounding the coin. The Weighted Sentiment indicator reflects an increase in bearish sentiment, potentially influencing retail investors’ participation.
Source: Santiment
Negative discourse, particularly on social media platforms, can have a significant impact on market sentiment and investor behavior. Retail investors, often swayed by discussions…
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