Nearly 90% of Ethereum Rival Supply Owned by Whales Amid Surge to New All-Time High: Insights Firm IntoTheBlock

Crypto whales are gobbling up the supply of one Ethereum (ETH) challenger amid the altcoin’s rise to a fresh all-time high.

Digital assets analytics firm IntoTheBlock reveals that large holders own 88% of the supply of Polygon (MATIC), a scaling solution designed to enable the widescale adoption of decentralized apps on the Ethereum blockchain.

The crypto insights firm considers large holders as entities that hold at least 0.1% of MATIC’s circulating supply. With a circulating supply of 6,872,890,164 MATIC tokens, a 0.1% stake in the Ethereum competitor translates to ownership of 6,872,890 MATIC worth $19.58 million at time of writing. 

IntoTheBlock also adds that 100% of MATIC investors are currently in the money or in profits as Polygon soars to a new all-time high of $2.90.

Looking at the composition of holders by time held, the crypto analytics company shows that 77% of addresses have been holding MATIC for a period of between one to 12 months while 21% have been holding the token for less than one month. Only 2% of addresses have been holding MATIC for more than one year.

IntoTheBlock is also looking at the amount of MATIC entering and leaving crypto exchanges. The intelligence firm notes that market participants have deposited $708.34 million worth of MATIC tokens to crypto exchanges in the last seven days while outflows or withdrawals over the same time period amount to $618.24 million.

At time of publishing, MATIC is trading at $2.85, up 4.66% in the last 24 hours.

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