2024-04-17 01:06:18
- MATIC was trading 23% less than at the same time last week.
- Wallets with between 1,000 and 10 million coins increased significantly during the week.
The cryptocurrency market remained drenched in the red as bitcoins [BTC] and most of the leading altcoins failed to counteract the downward volatility.
MATIC was no exception and also suffered, falling almost 4% in the last 24 hours, according to CoinMarketCap.
The native token of the popular layer 2 (L2) network Polygon was trading at $0.71 at the time of writing, down 23% from the same time last week.
Opportunity to accumulate more?
Such sharp corrections in a bull market are typically not seen with overtly negative sentiment as they allow experienced market players to accumulate coins at lower prices.
chain tracker look chain drew attention to one of those whales that took advantage of the disadvantage to fill its suitcases.
Among several altcoins, MATIC ranked high, and the wealthy investor acquired almost 2 million of them.
But this was not just an isolated incident. Using Santiment data, AMBCrypto noted a notable increase in whale cohort holdings.
The number of wallets containing between 1,000 and 10 million coins increased sharply during the week. At the same time, large transactions, worth more than $100,000, increased significantly.
This indicated that the whales were buying the MATIC dip.
Are whales confident in MATIC rebound?
The motivation to accumulate was based on their bullish expectations of MATIC.
Despite a notable drop, nearly 55% of all whale positions for MATIC on Binance were long at the time of writing, according to AMBCrypto analysis of Hyblock Capital data.
This suggested that they were confident of a recovery in the short term.
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Negative comments predominate
However, the price drop contributed to an increase in negative commentary around the coin, as evidenced by the negative weighted sentiment indicator.
Typically, these bearish stances could influence the participation of retail investors, as the latter are persuaded by discussions, especially on social media.
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This is an automatic translation of our English version.
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