MATIC overtakes LINK among top purchased coins by Ethereum whales

Data from WhaleStats has revealed that the MATIC token is making notable gains. The token has emerged as the most-traded cryptocurrency among the top 1000 Ethereum whale addresses.

Before Polygon’s native token made this gain, Chainlink (LINK/USD) held this top position, but it has now been flipped by Polygon (MATIC/USD), which holds the lead position.

MATIC makes major gains in popularity

Over the past 24 hours, MATIC has made notable gains in terms of gains, and it now stands as one of the most popular coins in the cryptocurrency market, according to WhaleStats. MATIC is now the fourth-most bought coin in the crypto charts, while LINK holds the fifth position.

Ethereum holds the top position for the most traded cryptocurrency. The USDC and the USDT stablecoins are currently the second and third most traded cryptocurrencies in the market.

Besides ranking high in terms of purchases, MATIC has also emerged as one of the most popular altcoins in the market. The token is being followed closely by FTX, LINK and SHIB in terms of popularity.

MATIC gaining popularity among whales

Altcoins are becoming popular among Ethereum whale addresses. Over the weekend, Ethereum whales were piling up on FTX, MATIC and LINK tokens. The purchases were done by some of the largest Ethereum holders, with the increased activity for these altcoins happening despite the broader crypto market being in a recession.

On January 8, the top 1000 Ethereum whales bought around 7,275,966 MATIC tokens. The tokens were purchased in three different transactions, with the value of the transactions equating to over $15 million.

Whales also remained active in buying LINK tokens. On the same day, 222,801 LINK tokens were bought, while the FTX purchases came in at 2,458,959 tokens valued at more than $85 million at the time. Additionally, 18.2 million MATIC tokens were transferred on the same day, worth around $12 million.

The recent purchase by these whale addresses comes as volatility in the crypto market spikes. Short-term traders are currently staying away from the market, given the regular price dips that have been happening. However, the recent action by Ethereum whales shows that these wallets could be piling more coins during the dip.