MATIC rallied back to its previous price before FTX collapsed.
After plummeting over 20% earlier this week, Polygon (MATIC) has recovered from the devastating FTX collapse, which spread across the entire crypto market. Before the collapse of FTX, MATIC was changing hands around $1.10 across major exchanges.
However, following the FTX debacle, MATIC slumped alongside other cryptocurrencies in the market. According to data on Coingecko, Polygon’s native cryptocurrency slumped to a low of $0.78 in the late hours of Wednesday.
MATIC Overthrows Solana From the 10th Position
Interestingly, MATIC made a sharp recovery after the market settled from FTX’s woes, as the cryptocurrency rallied to its previous price before the unfortunate incident occurred. Yesterday, MATIC usurped Solana (SOL) to become the 10th-largest cryptocurrency by market capitalization.
Recall that SOL dipped over 40% after reports emerged that Alameda Research, the parent company of FTX, might liquidate its position in Solana to save FTX. This gave MATIC the perfect opportunity to overthrow Solana from the 10th spot.
Increased Whale Interest In MATIC
Several factors contributed to the massive rally of Polygon. Over the past few days, MATIC has attracted the interest of cryptocurrency whales, with these high-net-worth investors moving huge volumes of the coin.
According to Whale Alert, a leading cryptocurrency whale tracking service, Polygon whales have moved a whopping 59,809,478 MATIC worth $60.4 million in the past 24 hours.
Eighteen hours ago, an anonymous whale transferred 26,649,286 (26.64 million) MATIC coins to an unknown wallet. The coins were worth approximately $29.67 million at the time of the transaction.
5 million units of MATIC ($5.62 million) were withdrawn from a Bitfinex address to an unknown wallet.
Three hours ago, 8,160,192 MATIC coins were transferred from Binance to a Crypto.com address. Whale Alert said the fund was worth $8.8 million at the time.
An anonymous whale withdrew 10 million MATIC ($10.79 million) from Binance. Furthermore, an anonymous Polygon whale moved 10 million MATIC coins worth $10.83 million through the Polygon Plasma Bridge.
When writing this line, MATIC is trading at $1.03, down 6.2% in the last 24 hours, as FTX filing bankruptcy is taking the market down again.