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Crypto Whales Are Accumulating MATIC

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It seems that some important crypto whales are currently accumulating MATIC. Check out the latest reports below.

Crypto whales accumulate ETH competitor

It’s been just revealed that the crypto analytics firm Santiment says Ethereum (ETH)-scaling solution Polygon (MATIC) is now entering the sixth week of whale and shark accumulation.

Santiment says whales who are holding between 10,000 and 10 million MATIC tokens have collectively increased their holdings by nearly 10% over the six weeks.

“MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks. The tiers of holders ranging from 10,000 to 10 million coins held have collectively added 8.7% more to their bags in this timespan.”

Solana in the news

Santiment also said that Ethereum rival Solana (SOL) is currently a hot topic on social media forums alongside Celsius Networks (CEL). This is happening amidst the high levels of negative sentiment in the crypto space.

“As we head into our final week of a shaky June, traders are doing their best to navigate the bear market. CEL and SOL are both seeing an increase in discussion, and the topic of cryptocurrency as a Ponzi schemes shows just how negative sentiment is.”

It’s been also revealed that institutional investors are currently eyeing Solana.

An important digital assets manager just reported that institutional investors are buying into Solana (SOL) over Ethereum (ETH) as markets tumble.

In the latest Digital Asset Fund Flows Weekly report, CoinShares made sure to explain the fact that Ethereum investment products have suffered over 10 weeks of consecutive outflows ahead of what’s known as “the merge.” Just in case you don’t know, this is Ethereum’s plan to transition to a proof-of-stake system.

“Ethereum continues to suffer with outflows totaling $70 million last week having suffered 11 straight weeks of outflows, bringing year-to-date outflows to $459 million. Solana looks to be benefitting from investors’ worries over The Merge (ETH2), with inflows of $0.7 million last week and $109 million year-to-date.”

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