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.
“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.”
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