Today, Polygon’s token MATIC witnessed a surge in whale accumulations, alongside a notable price increase and its listing on Gemini exchange. This uptick in activity has sparked a sense of excitement surrounding the token.
Gemini announced intentions to list a perpetual contract for MATIC. Concurrently, MATIC whales have been actively accumulating, amassing a total of 31.99 million MATIC tokens. This accumulation spree coincides with a significant surge in the price of MATIC.
Gemini Lists MATIC/GUSD Contract, Whales Spur MATIC Surge
Gemini, a prominent cryptocurrency exchange, has made headlines by revealing its plans to list the MATIC/GUSD perpetual contract on its non-U.S. crypto derivatives platform. This move has garnered significant attention worldwide, marking a notable advancement in the exchange’s cryptographic offerings. However, this service will not be available in the U.S., U.K., and European Union, reflecting the exchange’s strategic focus on expanding its global reach.
Simultaneously, the crypto market has witnessed remarkable whale activity surrounding the MATIC token, capturing the interest of traders and investors worldwide. These substantial accumulations have sparked speculation and intrigue within the crypto community. As MATIC’s price chart demonstrates phenomenal gains, it raises further speculation about the implications of the escalating whale accumulations.
Whale Alert Data Highlights MATIC Accumulations, Polygon’s Price Surge Follows
On February 8, the blockchain tracker Whale Alert revealed two notable whale accumulations in the broader crypto market. The first transaction saw an accumulation of 11.99 MATIC, valued at $9.99 million, transferred from Coinbase Institutional to an unknown wallet (…cc00). Meanwhile, the second transaction involved the accumulation of 20 million MATIC, worth $16.66 million, moved from Polygon Staking to an unknown wallet (…2aca).
Interestingly, the surge in Polygon’s price seems to correlate with these whale accumulations, indicating a significant uptick in recent times. Additionally, the listing of Gemini’s MATIC/GUSD perpetual contract appears to have bolstered this upward momentum.
It’s worth noting that with the addition of the Polygon perpetual contract, Gemini’s non-U.S. crypto derivatives platform now supports trading for six perpetual contracts, including SOL/GUSD, BTC/GUSD, ETH/GUSD, XRP/GUSD, and others.
Polygon Price Surges Amid Positive Momentum
At the time of writing, Polygon (MATIC) has experienced a notable 4.52% increase in the last 24 hours, with its current trading price standing at $0.8337. Additionally, both the weekly and monthly charts for the token indicate a significant upswing of 6.45% and 8.12% respectively. The trading volume has also seen a notable uptick, rising by 10.11% to reach $284.23 million.
Moreover, prominent analyst Michael van de Poppe recently highlighted the resilience of MATIC at higher timeframe support levels. He suggests that a rebound for the token seems imminent, further reinforcing positive sentiment surrounding Polygon’s price trajectory.
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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