In the constantly changing cryptocurrency market, Bitcoin and top altcoins like MATIC (the token of Polygon) have faced increased instability in recent times. Even MATIC has felt the brunt of this market turbulence, with a nearly 2% decrease in value over the past day.
Based on current figures, MATIC is priced at $0.69 – a 21% drop from its value in the previous week.
MATIC: Whales Seize The Opportunity
In the face of a market decline, experienced investors see this as a chance to buy more MATIC at reduced costs. Notably, large investors, referred to as “whales,” have been quite busy in the volatile market.
Remarkably, there’s been a noticeable increase in MATIC being amassed by whales. One prominent investor alone has bought approximately 2 million tokens. This trend is underscored by the rising count of wallets that hold substantial quantities of the altcoin, varying 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)…
— Lookonchain (@lookonchain) April 15, 2024
An extra noteworthy observation is that there has been a noticeable surge in large purchases exceeding $100,000. This trend suggests that big investors, or “whales,” are actively taking advantage of price drops to expand their holdings.
Bullish Sentiment Prevails Among Whales
Large investors, or “whales,” continue to hold a positive view towards MATIC on Binance. According to recent data, over 50% of whale transactions for this crypto are buy orders, indicating their faith in MATIC’s ability to recover in the near term. This bullish sentiment stems from their trust in the token’s foundational strengths and its significance within the Polygon network.
Despite the unpredictable cost fluctuations, there’s been a significant rise in pessimistic views about the coin. The Sentiment Scale shows more bears than bulls, which could discourage individual investors from jumping in.
Social media negativity about a stock like MATIC can greatly influence market opinion and investor actions. For individual investors, who are easily influenced by online conversations, this negativity might lead them to exercise caution when dealing with MATIC.
In addition, Santiment’s data analysis supports the increase in whale actions and acquisition of MATIC during the market slump. Santiment’s perspective offers extra understanding to the patterns seen in whale conduct, supplying essential intelligence for investors.
Amidst the volatile and uncertain crypto market, MATIC emerges as a hub of action. Large investors, or “whales,” are taking advantage of the market dip to buy more MATIC, indicating their belief in its potential growth.
In the face of pessimistic opinions, the strong belief of large investors, or “whales,” in MATIC demonstrates its robustness within the crypto market as a whole.
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2024-04-17 16:16