The Polygon network will launch its Zero Knowledge Ethereum Virtual Machine Beta by March. The community has been anticipating this launch as part of the significant upcoming development of Polygon. Also, its hype has helped push MATIC with an impressive performance over the past 30 days.

Recent reports revealed that Polygon (MATIC) had joined the Top 5,000 ETH whales’ most purchased token amid the upcoming Launch. Data by WhaleStats showed that the whales now hold up to $204.7 million MATIC. As a result, Polygon (MATIC) is tailing after SHIB as the second-largest token held by the top 5000 ETH whales.

Top Ethereum Whales Aggressively Scoop MATIC

The Top 100 ETH whales’ MATIC holdings currently stand at $181 million. It implies that MATIC now makes up 3.75% of its holdings. But SHIB remains the largest token holding among the top 100 ETH whales. These ETH whales have accumulated about $648 million in SHIB tokens, making it 13.4% of their holdings.

WhaleStats data shows that Polygon is among the top 10 purchased tokens among the top 100 ETH whales. It is also in the top 10 tokens by trading volume and one of the most used Smart Contracts by top Ether whales.

According to Whalestats, a whale called Saitima bought $23.34 million in MATIC in a single transaction. That transaction was about 17.16 million MATIC tokens. 

Polygon (MATIC) Price Outlook

Meanwhile, Polygon has recorded an over 37% price surge over the past 30 days with a 24-hour trading volume of $467 million. The coin currently trades at $1.27, with a 4.1% 24-hour price decline and a 14-day price gain of 7.3%.

With a seven-day decline of 4.50%, MATIC is underperforming the global crypto market, which has declined by 2.6% over the past seven days. It is also underperforming similar Ethereum smart contract cryptocurrencies that are down by 1.40%. 

However, CoinGecko data noted that the community is bullish about Polygon (MATIC), with over 76% of users feeling good about it.  

Polygon owes its performance to some ecosystem developments. As reported earlier, the upcoming zero-knowledge virtual machine beta launch is one major factor fuelling MATIC’s price. The coin price surged by several percentages during these periods of anticipation.

Another factor supporting Polygon’s price performance could be the new NFT launched by National Geographic. The firm launched its inaugural NFT collection exclusively on Polygon. Again, these factors helped to push MATIC’s price in January and early February. However, the recent market downturn has affected the coin, which trades at a loss.

Featured image from Analyticsinsight.net and chart from Tradingview.com