ETH Whales Accumulate Polygon (MATIC) Ahead of zkEVM Launch

• Polygon is only surpassed by Shiba Inu as the largest token among top 5k ETH holders.
• Top 100 Ethereum whales together control more than $181 million in MATIC tokens.

Moving steadily towards a Mainnet Beta release in March 2023, Polygon’s (MATIC) zero-knowledge Ethereum Virtual Machine (zkEVM) is making progress. Due in large part to this monumental development, MATIC has seen its price rise dramatically over the last 30 days. Yet ETH whales have been discovered stockpiling MATIC in preparation for the zkEVM launch.

According to WhaleStats, the combined value of the top 5,000 MATIC addresses on the Ethereum network has increased to $204.7 million. Among the top 5000 ETH holders, Polygon is only surpassed by Shiba Inu (SHIB) as the largest token. As of right now, the value of the SHIB held by the aforementioned whales is around $665 million.

Whales Banking on MATIC

If we go further, we find that the top 100 Ethereum whales together control more over $181 million in MATIC tokens. That’s 3.75 percent of their entire assets. Among the 100 biggest ETH holders, Shiba Inu is still the most valuable cryptocurrency. These behemoths are carrying over $648 million in SHIB in their massive wallets. This represents 13.4 percent of their total assets.

According to the data, Polygon is one of the top 10 tokens acquired by the top 100 ETH Whales. And it’s one of the ten most-traded tokens overall. Still, it may be seen on the list of smart contracts that the largest whales on Ethereum employ the most.

As reported by WhaleStats, a whale with the monicker “Saitama” purchased 17.16 million MATIC for a total of $23.34 million. The price of polygon has increased by 39% in the last 30 days as per data from CMC.