XYZVerse (XYZ) Just Snapped Up By a Long-Dormant Polygon Whale

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A major cryptocurrency holder has sold out of a large portion of their Polygon (CRYPTO: MATIC) tokens and used some of the funds to invest heavily in a new stage in the XYZVerse (CRYPTO: XYZ) presale.

Here's what happened and what is known about the new token that has a sports angle and is aiming for huge gains for early investors.

Also Read: 3 Cryptocurrencies With Massive Growth Potential In 2024

What Happened

An unknown whale that had been a major holder of Polygon tokens for five years has sold a large portion of their coins and moved into a new cryptocurrency that is linked to POL.

The new token is XYZ, which is being used to fund the development of XYZVerse, a new community-driven token project.

The project is heating up rapidly with over $13 million raised towards its ambitious target.

XYZ is powered by the enthusiasm of sports fans and is being touted as the ‘Best New Meme Project.’ It’s also backed by a detailed roadmap and a strong community.

Those who join the presale early are going to be able to buy XYZ tokens at a discount.

The first stage of the presale is offering tokens for 0.0125 USDT. However, the price will increase with each subsequent stage.

As the presale continues, XYZ will be listed on major CEXs and DEXs.

Why It's Important: Those who invest in the presale stages are aiming for huge gains from the initial price.

XYZ is aiming for 1,000x returns for early investors.

The project is also planning to donate to charities and build a sports academy in Southeast Asia.

Those who invest in the presale stages will be able to buy XYZ tokens at a discount. The first stage of the presale is offering tokens for 0.0125 USDT. However, the price will increase with each subsequent stage.

As the presale continues, XYZ will be listed on major CEXs and DEXs.

What Is Known About POL?Known for its rapid throughput and low fees, Polygon (CRYPTO: MATIC) is a Layer-2 scaling solution that aims to enhance the efficiency of the Ethereum (CRYPTO: ETH) network.

Recently, POL, the native token of Polygon, has shown interesting price movements. Over the past week, the coin experienced a slight decline of 3.21%, trading within the current price range of $0.22 to $0.24.

However, in a broader monthly view, POL has shown a more significant rebound with an 21.93% increase. Despite this short-term growth, the coin is still down by 23.38% over the past six months, highlighting the broader crypto market volatility.

Technical Analysis: Technical indicators suggest that the crucial resistance levels for POL lie at $0.26 and $0.28. A breakout above these levels could indicate a bullish continuation.

On the support side, prices might find support at $0.21 and $0.19.

The 10-day Simple Moving Average stands at $0.23, while the 100-day SMA is slightly higher at $0.24, suggesting a neutral to bullish price trend.

Relative Strength Index is at 53.70, and the Stochastic %K is high at 91.17. A high Stochastic value might suggest overbought conditions.