"Capital $84,000 but profit $4.5 million, who wouldn't be happy right?"
As the price of cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) saw a climb over the past 30 days, Polygon (MATIC) followed suit with a 19% jump at $1.19 but is now slightly lower at $1.15.
During the month of January, MATIC as a whole managed to climb 50% and became the tenth largest crypto by market capitalization with a total value of $10.6 billion.
Through observation, whales were found to have bought 4 million MATIC worth $84,000 on the crypto exchange company Binance in September 2020 but sold it in the past two days to earn $5.2 million worth of stablecoins.
Even though the whales sold the MATIC, it made a return of 50 times its original price, where the whales made a profit of $4.5 million.
It is well known that the price hike of MATIC so far has still not been able to pass its highest level which is said to have plunged almost 60% from the level of $2.92 in December 2021.
Meanwhile, the increase in the price of MATIC is reported to have occurred when the co-founder of the digital asset, Sandeeo Bailwal, intends to update Polygon's zkEVM which applies zero-knowledge proof cryptography to validate transactions.
Explained in more detail, zero-knowledge proof in cryptography aims to prove a statement is true without revealing its content.
