Crypto

Crypto whales are massively amassing a scalable Ethereum altcoin, according to analytics firm Santiment

Crypto analytics firm Santiment says that the Ethereum (ETH) scaling solution Polygon (MATIC) is now entering its sixth week of whale and shark accumulation.

Santimento He 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 fairly large accumulation trend for about six weeks. Holder levels ranging from 10,000 to 10 million coins have collectively added 8.7% more to their bags in this time period.”

Source: santimentfeed/Twitter

A shark is a crypto asset investor or holder who owns between 500 and 1,000 of a digital asset, while a whale owns more than 1,000 of that asset.

Santiment also says that Ethereum’s 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 last shaky week of June, traders are doing their best to navigate the bear market. CEL and SOL are seeing an uptick in discussion, and the topic of cryptocurrency as a Ponzi scheme shows how negative the sentiment is.”

Source: santimentfeed/Twitter

According to Santiment, “concerns” about Solana made her a top ten trending topic on social media forums. Solana is prone to outages, and this year alone Solana recorded 12 instances of downtime, three of which were major outages lasting more than two hours at a time.

Just this week, a Solana-based lending platform, Solend (SNLD), submitted a governance proposal seeking to seize crypto assets from a whale that was nearing liquidation levels and thus could put in risk the protocol and “put pressure on Red Solana.”

In the case of Celsius Network, the centralized financial platform last week halted withdrawals indefinitely, causing the CEL token to crash.

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Featured Image: Shutterstock/Digital Store

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