Polygon Surges 3% as Ethereum Whales Shop Up MATIC

• Polygon surged 3% in the last 24 hours as Ethereum whales were shopping up MATIC.
• The 500 biggest ETH whales bought MATIC as part of their top 10 most purchased coins.
• The crypto is still 3% in the red in terms of returns over the past seven days.

Polygon (MATIC) has experienced a surge of 3% in the last 24 hours, as Ethereum whales have been shopping up the coin this New Year. The 500 biggest ETH whales have MATIC in their top 10 purchased list, which is indicative of the growing popularity of the crypto amongst investors. Despite the surge in the past 24 hours, Polygon is still 3% in the red in terms of returns over the past seven days, as the losses suffered in the final days of 2022 have not been fully compensated.

The year 2022 was an abysmal one for Polygon investors, with the coin losing more than 70% of its value by the end of the year. However, 2023 has started on a more optimistic note, with the coin seeing some fresh uptrend. At the time of writing, MATIC is trading around $0.7795, up 3% in the last 24 hours.

A chart of the price of the asset over the last five days shows the recent surge, with the value of the crypto seeing some increase in the past day. Despite the latest rise, the crypto has not been able to make up for its losses in 2022.

The reason behind this latest surge in the price of the coin may have been due to buying pressure from the Ethereum whales. As per data from crypto whale tracker service WhaleStats, the 500 biggest ETH whales were accumulating Polygon during the New Year, with the token making it into their top 10 list of most purchased coins. Other coins bought up by this cohort include Shiba Inu (SHIB), Curve DAO token (CRV), and WETH (Wrapped Ether).

Today’s stats of the top 100 Ethereum whales include MATIC, with the coin remaining in the same spot as it was on the 31st of December, 2021. This shows that the whales have been bullish about MATIC and have been buying it up this New Year.

All in all, Polygon has had a good start to the year, with the coin seeing some fresh uptrend. Despite the surge in the last 24 hours, the crypto is still 3% in the red in terms of returns over the past seven days. Whether the coin will be able to make up for its losses in 2022 remains to be seen.