According to data from cryptocurrency transaction tracker WhaleStats, an Ethereum whale going by the name Sabo has bought massive amounts of MATIC, the native token of proof-of-stake (PoS) layer two (L2) Ethereum scaling network Polygon. The whale bought a whopping 20 million Matic worth over $18 million during the time of the transaction.
The news has grabbed the community’s attention, considering that Sabo is the tenth-largest Ethereum whale listed on WhaleStats.
Analysts Bullish on Polygon
Despite being in the red for weeks, things appear to be turning around. Kaleo, a cryptocurrency analyst, predicts that Polygon (MATIC) will soon rise in value relative to Bitcoin. When asked why he thinks MATIC will continue to rise, he points to the High Time Frame (HTF) flag set to appear in the month of May 2021.
In addition, he believes MATIC will see more retracement before continuing on its path to setting a new record high. The analyst also predicts that MATIC will follow Bitcoin’s lead and form a similar pattern versus BNB.
Kaleo concludes his analysis by stating that the MATIC/BTC pair is extremely bullish and that if MATIC enters the bull market, it will likely hit a new all-time high. He continued by stating that MATIC’s current price of $1 is extremely undervalued and investors should “buy the dip”.
New partnerships
Amidst these developments, crypto payments processing company Bitpay has announced support for Polygon. Users of the Bitpay app will be able to hold, trade, and spend ERC20 tokens related to the Polygon protocol, in addition to the native crypto asset MATIC.
Commenting on the development, Bitpay’s CEO Stephen Pair said:
“Adding MATIC to the mix of cryptos that BitPay supports offers businesses a fast, safe and secure alternative to traditional payment methods and paves the way for blockchain payments to disrupt the way consumers and businesses receive & spend funds.”
