China’s Multi-Level Marketing (MLM) project has made headlines once again after its address, 0xc7728354f9fe0e43514b1227162d5b0e40fad410, accumulated 22.37 million MATIC in a matter of days. The rapid accumulation has propelled the address to become the fifth largest MATIC holding address, surpassing Binance Hot Wallet2.
According to data from PolygonScan, the address has consumed 100,000 MATIC gas in the past 7 days and saw a staggering 117,000 transactions yesterday alone. This surge in activity pushed the median of Polygon Gas to over 700 gwei.
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CryptoNasss, a noted cryptocurrency analyst, attributed this impressive feat to the MLM project’s referral staking program, which offers a daily APR of 1%. The program’s ability to generate significant returns has attracted a large number of participants, leading to the rapid accumulation of MATIC.
While this news may seem promising for investors, it is important to exercise caution when investing in any project, especially MLM programs. The cryptocurrency market is known for its volatility, and many MLM programs have faced criticism for their dubious operations.
The rapid accumulation of MATIC by the Chinese MLM project’s address is an impressive feat, but investors should carefully consider all the factors before making any investments. As always, it is important to conduct thorough research and consult with financial advisors before making any decisions.
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