Polygon’s MATIC has been seeing a lot of big transactions from whales, indicating that more big institutional players are getting involved in the crypto scene.
Polygon’s own cryptocurrency, MATIC, keeps going up without any signs of stopping. The price of MATIC has increased by another 9%, getting closer to $0.90. If you look at the monthly chart, you’ll notice that MATIC has broken free from a downward trend and is now on a big upward trend. This is a significant move for MATIC, indicating positive momentum and potential for more gains in the future.
Polygon is on the cusp of entering a new macro uptrend#MATIC #Crypto #Polygon pic.twitter.com/hRKqnGBUyr
— Rekt Capital (@rektcapital) November 12, 2023
Polygon’s MATIC Sees 27% Surge in a Week Amid Growing Institutional Interest
In the past week, the price of Polygon (MATIC) has experienced a substantial 27% increase, riding the wave of strong accumulation by whales and joining the broader rally in the altcoin market. Over the last month, MATIC has achieved an impressive 70% gain.
According to the analysis from crypto market platform IntoTheBlock, there has been a noteworthy rise in institutional and whale interest within the cryptocurrency sector. Particularly, Polygon, recognized as an Ethereum scaling solution, has witnessed an exceptional surge of 3,800% in transactions surpassing the $100,000 mark over the past 30 days.
Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago. pic.twitter.com/ElM1CDZ3wA
— IntoTheBlock (@intotheblock) November 11, 2023
Whale Alert Flags Concerns as 55 Million MATIC Tokens Move to Coinbase
Whale Alert, in a series of posts on its platform (formerly Twitter), brought attention to the transfer of over 55 million Polygon (MATIC) tokens from unidentified addresses to the Coinbase (COIN) exchange. The swift and substantial nature of these transfers has sparked concerns, as such movements typically indicate a potential intention to sell when tokens are moved from external sources to exchanges.
🚨 19,896,435 #MATIC (16,443,201 USD) transferred from unknown wallet to #Coinbasehttps://t.co/dCSA4N6H3m
— Whale Alert (@whale_alert) November 12, 2023
MATIC Defies Selling Pressure, Surges to $0.87 Amidst Increased Token Usage
Despite substantial token transfers, MATIC’s price remains resilient, swiftly reaching $0.87 at the time of writing.
In terms of circulation, recent on-chain analysis using Santiment data indicates a significant uptick in the utilization of MATIC tokens from November 5th to 9th. This period saw MATIC’s price surge from $0.69 to $0.85. Rather than contributing to an increase in circulating supply, this surge in token usage suggests robust buying activity, preventing any decline in MATIC’s value.
Courtesy: Santiment
While circulation has since declined, the current count of circulating MATIC on the Polygon network has risen to 119.96 million. With ongoing accumulation and the potential return to November 9th circulation levels, there is speculation that MATIC could reach $1.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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