- 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.
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.”