Polygon (MATIC) Bullish: Whale Caught Moving Millions Of MATIC

Coingapestaff
February 18, 2023 Updated May 19, 2025
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

The MATIC token is the native token of the Polygon network. A technology platform that was launched to connect and grow Ethereum-compatible projects and blockchains. Recently, mysterious crypto whales abruptly relocated millions of Polygon (MATIC) as one of the top cryptocurrencies picked March 27 as the date for its zkEVM beta main network to go live.

Advertisement
Advertisement

Whale Transferred Millions of Polygon (MATIC)

Blockchain-tracking service Whale Alert reveals that anonymous investors moved 16,878,213 MATIC worth $23,757,114 in three different transactions. A whale moved 8,118,233 MATIC worth $11,588,427, the largest of the three transactions, from one unknown wallet to Polygon.

In the second transaction, a crypto whale moved 4,379,990 MATIC worth 6,077,174 from an unknown wallet to FalconX, a crypto trading platform. And the last transaction, 4,379,990 MATIC was moved from the Binance exchange to an unknown wallet. Read more Polygon (MATIC) news here…

Advertisement
Advertisement

zkEVM Beta Main Network To Go Live

As previously reported by Coingape, Polygon has put forward its plans to launch the much-awaited zkEVM, a zero-knowledge Layer 2 scaling solution on the 27th of March. It will be a zero-knowledge or ZK-Rollup scaling solution that processes transactions faster on layer 2. zkEVM will allow for faster and cheaper transactions while putting an emphasis on security.

According to the blog post, Polygon went live with its zkEVM testnet allowing Ethereum developers to move over their smart contracts from the main blockchain without having to reprogram them in a different language.

Advertisement
Advertisement

Investors are bullish on MATIC

Polygon is one of the best-performing cryptocurrencies since the beginning of this year. With an increase in open interest volume toward 2022 highs, many crypto traders are bullish on MATIC.

At the time of writing, the price of MATIC was $1.48, with a market capitalization of $12,914,154,264 and a 24-hour trading volume up by 66.77%. Now it stands at $1,413,587,615. At the same time, the circulating supply is approximately 8,734,317,475 MATIC coins as per the crypto market tracker CoinMarketCap.

Also Read: Why Upcoming Polygon (MATIC) Upgrade Can’t Come At A Better Time

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.