Value Of Token Rises By 10% As Whales Shift Their Focus To MATIC

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Despite holding most of their portfolio in stablecoins, whales have now shifted their attention to MATIC tokens as an alternative way to spread their expanding portfolios.

According to WhaleStats, whales from the top 500 of the Ethereum blockchain recently took a plunge by buying a million dollars’ worth of MATIC tokens, currently selling at a run of 13% less in the market. As revealed by the fund aggregate data of WhaleStats, the whales are holding the majority of their assets in stablecoins.

The crypto tracking service also talked about MATIC’s current position in the whale-held wallets. MATIC remains among the top 15 tokens in the chart. Additionally, $200 million and above worth of MATIC is presently held in various addresses belonging to whales.

Total holdings of all tokens. Source: WhaleStats

Matic is still hanging within the range of market-bound assets for the past couple of days as the token has failed to break even from the $2 resistance mark after a repeated slump in value from its all-time high of $2.8.

The price level marked at $1.4 is the local bottom of Matic, which is directly similar to the price level recorded in November last year. Going by the recent showing, it appears that Matic enjoyed a relative rise in price.

The Crypto Market Is Expected to Rally Back

Most altcoins have undergone challenging growth phases to reach their current position. As such, Matic is not the only token to face some setbacks. Bitcoin has also managed to pull itself out of the market decline by moving past its previous price to reach $44 200. As previously reported by U.Today, meme coins, Dogecoin, and Shiba Inu emerged as the leaders in the recent market rally.

The SHIB tokens regained more than 8% of their value in the recovery despite a slight decline at the top to drop to $0.000035. On the other hand, Dogecoin gained 12% at peak level but could not sustain the small growth, thereby losing a part of its value by 2.5%.

Likely Outcomes

As of the time of writing, Matic’s trading price is at $1.80 at a time the market as a whole is undergoing a slight appreciation causing the token to lose 1.5% of its value in the past 24 hours. 

Depending on the market movement and other trading forces exerting their dominance, Matic might recover from the slight decline. Not only is Matic an attractive prospect, but it also has the potential to surpass its current achievement going by the action of the whales who purchase a sizable amount of its token.

As the leader of cryptocurrencies, Bitcoin is still dominating the market. It has consolidated its position further by increasing its price to $44,332 in the past 24 hours. There is perhaps no direct competitor to the dominance of Bitcoin. 

All things being equal, the cryptocurrency market is expected to get some relief by predicting a market rally to boost transactions and elevate the performance of some coins.

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