MATIC holdings are seized by whales who control 70% of its total circulating supply. Could it come to its rescue during market volatility?
MATIC whales have accumulated 70% of the total circulating supply, with one address holding 3.6 billion tokens., amidst broader market swings, may end the last week of August on a sour note, with a roughly 20% decline in value over the past seven days, trading at $0.4255 at press time.
Yet, contrary to popular belief, MATIC has shown frequent instances where its price diverged from the broader market trends. This indicated that despite market panic from BTC’s drop, MATIC’s price remained strong, likely due to whales absorbing the selling pressure., AMBCrypto also found that a wallet address linked to a top MATIC whale holds 36.36% of the total circulating supply, with a balance of 3.6B tokens.
As shown in the chart above, the $11 million net inflow, indicating more MATIC entering exchanges, could have contributed to the price drop, potentially driven by Bitcoin falling below $60K.Stakeholders doubtful in MATIC’s recovery
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