Amid the hope of a new rally upward, crypto whales have moved $282.5 million in XRP and Polygon (MATIC) in the last 36 hours. The crypto address tracker Whale Alert spotted the transactions.
Investors King understands that while $248.9 million in XRP was moved in six transactions, $33.6 million in Matic was moved in four transactions.
It is not a surprise that Matic has been on a steady rise upward in the past weeks, rising almost 50% in the past 30 days. Matic has moved from a low of $1.15 at the beginning of this month to a high of $1.56. At the time of writing this report, Matic is trading at $1.49.
Meanwhile, data from WhaleStats shows that Polygon is now the fifth-largest crypto asset holding among the 5,000 biggest Ethereum whales on record after Ethereum (ETH), USD Coin (USDC), Tether (USDT), and Shiba Inu (SHIB).
Similarly, digital assets manager, CoinShares says large institutional investors are being more selective this year, pouring money into Matic.
The momentum surrounding Matic could be tied to its upcoming upgrade. While the launch of the upcoming zkEVM mainnet is a major catalyst for a MATIC bullish run, the 9th most vulnerable cryptocurrency also shows resilience during the bear market.
Data from Binance platform shows that Matic is trading at -7.5% on a year-on-year basis while Ethereum is trading at -38.18%.
On February 14th, Polygon announced March 27th as the launch date for the highly anticipated upgrade from Ethereum layer-2 scaling solution provider Polygon. Polygon also noted that the launch date reveal is coming after a three-month-long battle testing.
The zero-knowledge Ethereum Virtual Machine (zkEVM) Mainnet Beta launch has been an important topic of conversation in the Polygon ecosystem lately.
The upgrade is particularly important for Polygon network developers. The upgrade intends to scale Polygon, by bringing speed to the network and reducing transaction costs.