Amid the hope for a bullish rally, crypto whales are buying Matic, Litecoin, and other Etherum-based altcoins.
This scooping could eventually reflect in the price movement of these altcoins, data from crypto analytics company, Santiment reveals.
According to Santiment, the resurgence of buying pressure valued at more than $1 million could drive Litecoin to another movement explosion of more than 30%. This has been the case in previous times when whale activities are noticed around litecoin.
A check by Investors king shows that litecoin is currently changing hands at $95.93 from a low of $70.18 at the beginning of January 2023. A 30% price increase would bring Litecoin to a value of about $114 against the US Dollar.
Similar activities have been spotted with Polygon (Matic) and a few other Etherum-based altcoins. Data from CoinGeko shows that Matic is up 19% in the past week and almost 50% from the beginning of the year.
Investors King also understands that many projects have been built on the polygon network which could fuel its next leg up. It has also announced a number of partnerships while many tokens are about to be launched on its network.
At the time of writing this report, the polygon network has witnessed about $1.2 million money inflow on Binance in the last 24 hours while Matic currently trades at $1.09 against US Dollar. It is also the 10th largest cryptocurrency by market capitalisation with a total value of $9.49 billion.
The Ethereum competitor, Matic is one of the few mid-cap tokens which has sustained its upward rally in the past months. Matic has maintained a sequential gain of 22% in the last 180 days, a 27.90% gain in the past 90 days, and 44.0% since the beginning of the year.
With the recent scooping by crypto whales, Matic is expected to continue its rally in the short term provided that Bitcoin maintains an upward or stable movement.