Polygon Community lately noticed a surge within the variety of staked and locked in good contract cash. Greater than $110 million value of MATIC have been staked by seven addresses at nearly the identical time yesterday, experiences Lookonchain. Nonetheless, there’s a catch.

If we leap deeper into the on-chain information shared, we will clearly see that the seven addresses belong to the identical entity, which is both a particularly giant retail investor or an establishment that operates a good quantity of MATIC.

A complete of ~140M $MATIC ($110.5M) was staked by 7 addresses on the similar time yesterday.

These 7 addresses appear to belong to the identical whale (establishment).

All of them get $ETH from the handle “0xa863” as a fuel charge. pic.twitter.com/RxOK3aeOFY

— Lookonchain (@lookonchain) January 6, 2023

The funds originated from seven wallets from three platforms: Amber, Coinbase, FalconX. The factor that allowed the analyst to find out the potential proprietor of these wallets is the supply of a fuel charge. All entities get their Ethereum from the handle “0xa863” as a fuel charge.

To be able to hold the funds extra manageable and distributed, the entity most certainly determined to create quite a few wallets for staking a considerable amount of tokens. Beforehand, MATIC was an object of curiosity to whales and enormous retail buyers. The most important quantity obtained by the nameless entity is 57 million MATIC.

MATIC efficiency on market

Regardless of the surge in shopping for energy available on the market, MATIC is just not performing higher than nearly all of different digital property. The worth of the token returned to the identical degree we noticed three months in the past regardless of the large value spike in November.

After reaching the $1.2 threshold, an unlimited quantity of tokens obtained injected into the market, the worth of the token tumbled by over 36% very quickly, inflicting a surge of liquidations and losses.