Polygonal Whale (MATIC) suddenly moves over $200 million in crypto as Market Consolidates

Two large Polygon (MATIC) whales are moving massive MATIC stores this week as the crypto market consolidates.

Polygonal Whale (MATIC) suddenly moves over $200 million in crypto as Market Consolidates

On Monday, an unknown wallet transferred 55 million MATIC worth more than $45.3 million to another unknown wallet, according to cryptocurrency tracking platform Whale Alert.

Then, that same day, a third unknown wallet transferred 196 million MATIC worth nearly $158 million to an unknown fourth wallet.

MATIC is trading at $0.799267 at press time. The 14th-ranked crypto asset by market capitalization is down 4.7% in the past 24 hours.

In July, Polygon, an Ethereum (ETH) scaling solution, implemented a zero-knowledge proof (ZKP) technology that is fully compatible with the Ethereum Virtual Machine (EVM), known as zkEVM. This week, the project announced the launch of the Polygon zkEVM Public Testnet, the first open-source zkEVM network.

Polygonal whales aren't the only ones making big moves earlier this week: On Monday, an unknown wallet transferred 30 million XRP worth more than $14.9 million to a cryptocurrency exchange from Bitso, according to Whale Alert.

And later that day, a second unknown wallet sent 22 million XRP worth over $10.75 million to the crypto exchange Bitstamp.

XRP is trading at $0.49 at press time. The sixth-ranked crypto asset by market capitalization is down more than 6% in the past 24 hours.

Oct 12, 2022

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