Polygon’s native token MATIC was caught shuffling between exchanges among whales. Data from Lookonchain revealed that an unknown large-scale holder has transferred 9 million MATIC tokens that are worth roughly $8 million to Binance.
Drilling deeper, the whale has been on an accumulation spree as its address. This large holder has been receiving MATIC from exchanges and staking before, with a total of 153.4 million MATIC, and the average receiving price is $1.16.
For Polygon investors, 2022 was not a memorable year because the cryptocurrency ended the year with losses of more than 70%; however, the coin has had a more promising start to 2023.
The 10-ranked token kickstarted the new year on a positive note, rising by over 11% in the first week of January.
The reason behind this latest surge in the price of the coin has been attributed to the buying pressure from the Ethereum whales.
The top 500 ETH whales were buying up MATIC over the New Year, according to statistics from cryptocurrency whale tracking firm WhaleStats, as the token entered their top 10 list of most-bought coins.
These figures indicated that Ethereum whales have been favoring MATIC in the first two days of the year so far.
As for the Polygon ecosystem, its streaming app, savage, has landed a collaborative deal with electronic and smart appliance tech giant Samsung.
Polygon Has Become Tech Firms’ Favorite
The Savage App will be able to provide Web3 users with the highest-quality images and videos thanks to the cooperation.
The Savage Smart TV software would connect IRL displays and upload high-quality movies from any store [up to 8K]. The technology is based on the Layer 2 blockchain, as one might assume.
Another example of its high-profile alliances and moves in the industry is the Mastercard announcement that shone the spotlight on Polygon even more as Web3 development and discussion continued.
Mastercard said that it would launch the Mastercard Artist Accelerator on the Polygon blockchain at the Consumer Electronics Show in Las Vegas, Nevada.
The objective is to instruct musicians on how to advance their careers through forging fan connections, building a strong online presence, and minting NFTs.
Former Solana exclusive NFT project Yoots made an unexpected entry in December 2022 about switching from Solana to Polygon.
The NFT projects created on the Polygon network underwent a tremendous expansion with the help of this. Additionally, The Sandbox declared early in 2022 that it would join the Polygon network.