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 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.”
A shark is a crypto asset investor or holder who holds between 500 to 1,000 of a digital asset while a whale holds over 1,000 of that asset.
Santiment also says Ethereum rival Solana (SOL) is currently a hot topic on social media forums alongside Celsius Networks (CEL) amid 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.”
According to Santiment, “concerns” over Solana made it a top-ten trending topic on social media forums. Solana is prone to outages and just this year Solana has recorded 12 instances of downtime with three of them being major outages lasting more than two hours each time.
Just this week a Solana-based lending platform, Solend (SNLD), put out a governance proposal seeking to seize the crypto assets of a whale who was nearing liquidation levels and potentially thus putting the protocol at risk as well as “putting strain on the Solana network.”
In the case of Celsius Network, the centralized finance platform last week halted withdrawals indefinitely, causing the CEL token to crash.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Digital Store