Deep-Pocketed Investors Amass $14M MATIC Since EIP-1559 Upgrades

Deep-Pocketed Investors Amass $14M MATIC

Whale investors have bought $14 million worth of MATIC tokens since Polygon unveiled the testnet rollout of the Ethereum Improvement Proposal 1559 on December 14.

The transfers of about five million tokens were completed in four different transactions. The most recent transaction was by a whale ranked 453rd among a thousand biggest Ethereum wallets.

The investor purchased 2,490,000 MATIC tokens, an equivalent of $4,631,400 in the past 22 hours.

Large transactions on Polygon have reportedly risen by 112% in the past day, promting large investors to transact. The transactions over $100,000 are considered in the category.

The update by the Polygon layer-two chain aimed at the burning of its native tokens and the enhancement of better fee visibility. The proposal was also deployed in the Mumbai testnet on December 14 at 0800 AM UTC.

Polygon currently ranks as the 14th most valuable cryptocurrency and is up 8% in the past day to trade at $2.18.

Source: Twitter

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