Polygon Whales Go on Buying Spree As $90,000,000 Worth of MATIC Gets Scooped Up: Trader

By The Daily Hodl - 5 months ago - Reading Time: 2 minutes
Fri, Dec 1, 2023 12:45 PM

Polygon Whales Go on Buying Spree As $90,000,000 Worth of MATIC Gets Scooped Up: Trader

Cryptocurrency analyst and trader Ali Martinez says that deep-pocketed investors are scooping massive amounts of Ethereum (ETH) scaling solution Polygon (MATIC).

Martinez tells his 34,000 followers on the social media platform X that crypto whales bought up a whopping 120 million MATIC in the past seven days.

“Polygon: recently, MATIC whales have been on a buying spree, scooping up over 120 million MATIC in the past week – that’s a hefty $90 million investment!”

MATIC is trading for $0.76 at time of writing, up slightly in the past 24 hours.

Next up, the trader notices that top blockchain oracle provider Chainlink (LINK) is experiencing a surge in activity as whale transactions soar.

“Chainlink: yesterday, LINK witnessed its largest spike in whale transactions for the year, with over 2,600 transactions exceeding $100,000 each!”

Chainlink is trading for $14.38 at time of writing, down 1.6% in the last 24 hours.

Lastly, the trader says memecoin Dogecoin (DOGE) could have a massive breakout and increase more than 68% from its current value.

“Dogecoin: on the weekly chart, DOGE faces a major hurdle at $0.087. This crucial level is marked by the convergence of the 0.786 Fibonacci level and both the 100-week and 200-week EMAs (exponential moving averages). Breaking past this barrier could open the gates for DOGE to nearly double its price, aiming for a target of $0.14.”

Dogecoin is trading for $0.0830 at time of writing, increasing 3.1% in the last 24 hours.

Generated Image: DALLE3

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Original source: The Daily Hodl