Whales build up Ethereum competitor amid falling crypto market, channel data shows
Whales are diving into an altcoin project originally designed to help scale Ethereum, but which has since become a direct competitor to the main smart contract platform.
On-chain data aggregator WhaleStats was the first to track two massive Ethereum-based altcoin polygon (MATIC) whale transactions.
A whale accumulated 900,000 MATICs worth $ 2.1 million in a single transaction Wednesday. The crypto was sent from an unidentified wallet to the whale.
About half an hour later, a second whale accumulated 999,990 MATIC valued at $ 2.32 million in a single transaction. The crypto in question was sent to the second whale of the main exchange Binance.
Although Polygon was originally designed only to support Ethereum and provide an inexpensive way to process Ethereum-based tokens, it has since become a full-fledged rival. A recent report from the blockchain development platform, Alchemy discovered that most new projects on Polygon exclusively use the network instead of using both Polygon and Ethereum.
Over the past seven days, MATIC has been at number six on the list of the most bought altcoins by the top 1000 Ethereum whale wallets.
Ethereum (ETH) is itself the first most bought altcoin, followed by stablecoin Tether (USDT).
Next, the FTX token (FTT), which is the native asset of the FTX crypto exchange.
Tether stablecoin (USDT) is the fourth most accumulated altcoin over the past week, followed by Binance USD stablecoin (BUSD).
After MATIC, the Bitcoin Wrapped Bitcoin (WBTC) linked token is in the seventh slot, followed by the Chainlink (LINK) data oracle and the decentralized exchange token WOO.
The Decentraland Metaverse Gaming Altcoin (MANA) is in the tenth slot and is the only gaming altcoin on the list for the past seven days.
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