MATIC is trading 23% lower than at the same time last week.
Wallets containing 10 to 10 million coins rose sharply over the week.
The cryptocurrency market remained in negative territory, with #bitcoin [BTC] and most major #altcoins failing to counter the downward volatility.
#MATIC was no exception, falling about 4% over the past 24 hours, according to data from CoinMarketCap.
The native token of the popular Level 2 (L2) network Polygon was trading at $0.71 at the time of writing, down 23% from the same time last week.
An opportunity to replenish the stock?
Usually, such sharp swings in bull markets are not taken unequivocally negatively, as they allow experienced market participants to stock up on coins at low prices.
Chain tracker Lookonchain takes a look at such 'sons of bitcoins' that have taken advantage of falling prices to restock their coins.
Among the various altcoins, MATIC stands out, with some 2 million pieces bought up by wealthy investors.
But this wasn't just an isolated incident: using Santiment data, AMBCrypto noticed a noticeable increase in the number of coin-coin holders.
The number of wallets holding between 1,000 and 10 million coins increased dramatically over the course of the week. At the same time, the number of large transactions over $100,000 also increased significantly.
This suggests that Whales is really buying the dip.
Is Whales confident that MATIC is back on track?
The motivation to accumulate is related to their bullish expectations for MATIC.
According to AMBCrypto's analysis of High Block Capital data, nearly 55% of all Whale's MATIC positions on #Binance were long at the time of writing, despite a notable drop.
This suggests that they were confident of a short-term rebound.
However, the price drop has reinforced the negative commentary surrounding the coin, as evidenced by negatively weighted sentiment indicators.
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