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Seeking Alpha 2022-06-23 12:12:23

Polygon jumps 25% as whales accumulate tokens

Polygon (MATIC-USD) is riding up 25% on Thursday, to $0.51, its highest level in 10 days and up 59% from its 52-week low of $0.32 just five days ago.Cryptocurrencies, in general, have suffered since the beginning of the year as investors sought to reduce risk, but MATIC, had an unusually large surge late in 2021 followed by a bigger dip than most once 2022 started as seen in this chart.YTD, Polygon (MATIC-USD) has dropped 80%, while ethereum (ETH-USD) has declined 71% and bitcoin (BTC-USD) has dipped 56%.In the past six weeks, sharks and whales have embarked on a "pretty big accumulation trend," said crypto data firm Santiment. Tiers of holders ranging from 10K to 10M coins collectively added 8.7% to their holdings, Santiment said.In January, Polygon network activity surged amid record high NFT sales

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