Polygon Whale Rakes In Over 5000% Profit As MATIC Ends

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  • A long-term MATIC holder gained a mouth-watering $5.2 million worth of digital assets from an $84,000 investment three years ago.
  • The price of MATIC has soared over 50% in the past 30 days as the bulls target a massive uptick in Q1 2023. 
  • Matic’s price action comes following preparations for Polygon’s zkEVM mainnet launch, which will help verify large transactions at a  record speed.

As terrible as the bear market is, traders have often said it comes with an advantage, as crypto millionaires are made when they “buy the dip.” 

A Polygon whale has become the latest digital asset millionaire after he made a staggering profit on a three-year-old investment. In 2020, a cryptocurrency trader acquired 4 million Matic from Binance valued at around $84,000, slightly over 2 cents per coin at the time.

According to Etherscan, two days ago, the wallet sold its MATIC holdings for an astonishing $5.2 million worth of stablecoins, making a sizable gain. Although the $5.2 million included the initial 4 million MATIC investment and other subsequent MATIC purchases, the initial investment recorded a return 50 times the purchase price.

At the time of sale, MATIC was valued at $1.14, amounting to $4.5 million in the original investment. Despite making a huge gain, many users wonder what the gain would have been like at the asset’s all-time high. MATIC hit an all-time high of $2.92 in Dec 2021 and remains 60% down from its peak.

As of Dec 2021, when MATIC traded at $2.92, the whale would have made $11.7 million from the sale. The sale came as the digital asset market made outstanding gains in the first month of 2023 after spending a long period in the woods. 

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Polygon marches on

Polygon is among the biggest gainers in the year’s first month after recording huge wins in recent weeks. The asset has been up by 19% in the past seven days, further increasing its run this year by 50%. Polygon remains in the top 10 cryptocurrencies list by market capitalization with a value of $9.5 billion.

The recent price action comes following widespread anticipation for the mainnet release of Polygon’s zkEVM upgrade, which was first announced last year. The upgrade is a scaling solution that would verify large transactions faster. According to Mihailo Bjelic the co-founder of Polygon, the upgrade “could put Ethereum on par with Visa in terms of transaction processing speed.”