Cryptocurrency analytics firm Santiment said Ethereum (ETH) scaling solution Polygon (MATIC) is now entering its sixth week of whale and shark accumulation. The whales holding between 10,000 and 10 million MATIC tokens increased their total holdings by nearly 10% in six weeks.
“MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks. The levels of holders of between 10,000 and 10 million coins held added a total of 8.7% to their pockets during this period.”
Sharks are investors or holders of crypto assets holding between 500 and 1,000 digital assets while whales hold more than 1,000 of those assets.
Polygon (MATIC) Scaling Solution
Santiment also said Ethereum’s rival Solana (SOL) is currently a hot topic on social media forums along with the CEL Network (CEL) amid high levels of negative sentiment in the cryptocurrency space.
“As we enter the last week of June, traders are doing their best to navigate the bear market. CEL and SOL both see the rise of discussions and topics about cryptocurrencies as a Ponzi scheme.”
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“Concerns” about Solana Future
According to Santiment, the “interest” in Solana has made it the most popular topic on social media forums. Solana is highly vulnerable to power outages and this year alone Solana has recorded 12 outages with three of them being power outages lasting more than two hours at a time.
Just this week, a Solana-based lending platform, Solend (SNLD), launched an governance proposal that seeks tokeep a whale’s crypto assets close to liquidation levels and thus potentially put the protocol at risk as well as “put a strain on the Solana Network.”
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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