Almost 90% of Ethereum Rival offering owned by whales amid a surge to a new all-time high: Insights Firm IntoTheBlock

Crypto whales devour the supply of one Ethereum (ETH) Challenger amid Altcoin’s rise to a new one All time high.
Digital asset analyst IntoTheBlock announced that large owners have sold 88% of its Polygon (MATIC) own, a scaling solution that is supposed to enable the widespread introduction of decentralized apps on the Ethereum platform Blockchain.

The Crypto Insights firm regards large-scale owners as companies that hold at least 0.1% of MATIC’s circulating supply. With a circulation supply of 6,872,890,164 MATIC tokens, a 0.1% stake in the Ethereum competitor, means ownership of 6,872,890 MATIC worth $ 19.58 million at the time of writing.

IntoTheBlock also adds that 100% of MATIC investors are currently in the money or in profits as Polygon climbs to a new all-time high of $ 2.90.

Looking at the composition of the holders by length of stay, the cryptanalysis company shows that 77% of the addresses hold MATIC for a period of one to 12 months, while 21% hold the token for less than a month. MATIC has only held 2% of the addresses for more than a year.

IntoTheBlock also examines the amount of MATIC entering and exiting crypto exchanges. The intelligence company notes that market participants in the past seven days MATIC-Token worth 708.34 million

At the time of publication, MATIC is trading at $ 2.85, up 4.66% over the past 24 hours.
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