• 17 July, 2024
Market News

Polygon Flips UNI and Ranks #2 Among the Top 1000 ETH Whales

The crypto market is seeing new highs as whales continue to accumulate and hodl massive amounts of Ethereum (ETH). Whalestats.com recently revealed that the top 1000 ETH whales now hold $606,551,443 in Shiba Inu ($SHIB), $167,714,908 in Polygon ($MATIC), $155,922,150 in Best ($BEST), $149,435,973 in ChainLink ($LINK) and more.

Polygon has flipped $UNI, and it is now the second most traded token among these whales. These ETH whales are continuing to hold massive amounts of Ethereum, but they are also diversifying their portfolios with some of the leading tokens in the space.

Whalestats tracks up to 5000 of the largest Ethereum wallets (the “whales”), which are worth an average of $12,056,142 and hodl an average of 6,881 ETH, 7 tokens, and 1 NFT.

Polygon price analysis: Recent developments

With the current market sentiment in support of MATIC, it’s anticipated that this altcoin will continue to experience major gains. Experts are forecasting prices as high as $1.2 by 2023 and increasing up to possibly $2.5 at the end of this year.

Polygon has established several strategic alliances that have catapulted its status and propelled it to even greater heights of success. The most recent partnership is with the gargantuan fintech firm Mastercard, through which they will launch a revolutionary web3-focused incubator.

In addition, bigwigs such as Disney and Reddit have also teamed up with them, while Stripe will be utilizing their cutting-edge technology for large-scale cryptocurrency reimbursements.

Polygon has experienced extraordinary success, with over $11 billion worth of institutional deposits recorded in a mere 8 months. The platform’s Ethereum’s PoS and Plasma bridges are credited for this remarkable milestone.

According to the 34th edition of PolygonInsights, overall key metrics suggest a positive outlook for the network. 817,000 weekly active users and daily active address metric that rose almost every day demonstrate an impressive 400% boost in NFT volume – already a strong indication of future growth.

Polygon has experienced tremendous growth in the world of NFTs over the last year, with numerous top companies such as Adidas Originals, Prada, and Alan Howard launching collections and investments. Moreover, renowned projects like Yoots and The Sandbox have also chosen to move from Solana to Polygon, proving its prominence within Web3.

The rapid evolution of Polygon as a Web3 hosting protocol is further evidenced by Alchemy’s report, which suggests that it has prime positioning to power the flourishing economy. Citigroup even describes Polygon as the AWS of Web3 and forecasts that its Metaverse economy will take up an astonishing $13 trillion market share by 2030.

At the moment of writing, MATIC is trading at $1.14 with a 24-hour trading volume of $355,061,466.Polygon is up 2.04% in the last 24 hours. The current CoinMarketCap ranking is #8, with a live market cap of $9,985,436,515 USD. It has a circulating supply of 8,734,317,475 MATIC coins and a maximum supply of 10,000,000,000 MATIC coins.

Polygon price action: Coinmarketcap

Polygon price analysis shows the altcoin has been on a firm uptrend on all timeframes as a bullish continuation pattern was established, and the altcoin was able to break above a resistance level of $1.12. From its current price, if it is able to maintain this current support level, then Polygon can be expected to reach prices as high as $2.50 if the current market sentiment persists. 

Polygon is an altcoin that has seen tremendous success, and its partnership with Mastercard makes it a potential leader in the Web3 economy for years to come.

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