As the Markets Consolidate, Polygon (MATIC) Whales Suddenly Move Over $200M in Crypto

Gigantic troves of MATIC have been moved by two Polygon whales this week as the crypto markets consolidate.

According to Whale Alert, an unknown wallet transferred 55 million MATIC worth more than $45.3M to another unknown wallet last Monday. Then later in the day, a third unknown wallet transferred 196 million MATIC worth nearly $158M to a fourth unknown wallet.

MATIC is trading at $0.7933 at the time of writing. The 14th-ranked crypto asset by market cap is down 4.7% in the past 24 hours.

Last July, Polygon rolled out zero-knowledge proof (ZKP) technology that is fully compatible with the Ethereum Virtual Machine (EVM), called zkEVM. The project announced the launch of the Polygon zkEVM Public Testnet this week, the first open-source zkEVM network.

Aside from Polygon whales, an unknown wallet moved 30 million XRP worth more than $14.9M to the crypto exchange Bitso last Monday according to Whale Alert. And later that day, a second unknown wallet sent 22 million XRP worth more than $10.75M to the crypto exchange Bitstamp.

XRP is trading at $0.48 at the time of writing. The sixth-ranked crypto asset by market cap is down more than 6% in the past 24 hours.