The crypto whale movement tracking service named WhaleStats has recently posted important updates about two Ethereum whale investors. As per the latest tweet, the WhaleStats tracker has postulated that the 1000 ETH token holding addresses have purchased 1.8 million MATIC tokens separately.
The MATIC token is native to the Polygon network that is a side-chain development project on Ethereum. The Polygon network has recently gained more popularity among Ethereum investors by offering higher transaction speed and lower gas fees. Furthermore, the native tokens on the Polygon network are governed by the community popularity voting that warrants a higher investor influence.
Recently, a wave of panic selling and FUD hit the cryptocurrency market. In the aftermath of the massive corrective shock, the MATIC token plunged to a low of $1.62. However, after the increasing investment interest in the Polygon network, MATIC has shown a remarkable recovery.
As pointed out by WhaleStats, the two major ETH whale investors acquired 900K and 999,990 MATIC tokens individually from the exchange markets. At the current price value, these tokens account for $2.08 million and $2.3 million correspondingly. The latest development in polygon native token seems to point towards the increased investor interest.
According to crypto market analysts, the increasing interest in MATIC is a direct result of cheap transaction fees on the Polygon network in addition to the speedy transaction processing. The investors are also excited about the scalability and polygon virtual event dubbed as ZK day. The event is supposed to be attended by the Ethereum co-founder Vitalik Buterin.
The Polygon network developers are also going to reflect on the implementation of ZK-STARKs and Zk-proofs. ZK-STARK is a cryptographic consensus model that allows the users to confirm any fact without exposing the information. STARK is an abbreviation for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. MATIC has now become the 14th largest cryptocurrency by market cap with a total value of $16 billion.