Polygon (MATIC) Whales Suddenly Move Over $200,000,000 in Crypto As Markets Consolidate

Two large Polygon (MATIC) whales are moving gigantic troves of MATIC this week as the crypto markets consolidate.

On Monday, an unknown wallet transferred 55 million MATIC worth more than $45.3 million to another unknown wallet, according to the crypto-tracking platform Whale Alert.

Then, later in the day, a third unknown wallet transferred 196 million MATIC worth nearly $158 million to a fourth unknown wallet.

MATIC is trading at $0.799267 at time of writing. The 14th-ranked crypto asset by market cap is down 4.7% in the past 24 hours.

In July, Polygon, an Ethereum (ETH) scaling solution, rolled out zero-knowledge proof (ZKP) technology that is fully compatible with the Ethereum Virtual Machine (EVM), called zkEVM. This week, the project announced the launch of the Polygon zkEVM Public Testnet, the first open-source zkEVM network.

Polygon whales weren’t the only ones making big moves early this week: On Monday, an unknown wallet moved 30 million XRP worth more than $14.9 million to the crypto exchange Bitso, according to Whale Alert.

And later that day, a second unknown wallet sent 22 million XRP worth more than $10.75 million to the crypto exchange Bitstamp.

XRP is trading at $0.49 at time of writing. The sixth-ranked crypto asset by market cap is down more than 6% in the past 24 hours.

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Featured Image: Shutterstock/antishock