Many whale transactions have been recorded on Polygon’s MATIC, indicating increased institutional interest in the cryptocurrency.
MATIC, the native cryptocurrency of Polygon, extends its inexorable ascent by an additional 9%, approaching $0.90. The MATIC price has completed a significant breakout from the channel with a downward trend on the monthly chart and is now commencing a significant macro uptrend.
$MATIC
Polygon is on the cusp of entering a new macro uptrend#MATIC #Crypto #Polygon pic.twitter.com/hRKqnGBUyr
— Rekt Capital (@rektcapital) November 12, 2023An Increase in Institutional Participation
The price of Polygon has increased by over 27% in the past week due to the substantial accumulation of whales and the participation of MATIC in the altcoin market rally. In the preceding month, the price of MATIC has increased by an astounding 70%.
According to the crypto market analysis platform IntoTheBlock, there has been a significant surge in institutional and behemoth interest within the cryptocurrency sector.
With regard to transactions surpassing $100,000, Polygon, an Ethereum scaling solution, has experienced an extraordinary 3,800% increase in activity over the last thirty 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, 2023Additionally, favorable developments occur in the Polygon ecosystem as Immutable, a Web3 gaming platform, announces a new partnership with Ubisoft, a leading video game developer and publisher. This partnership aims to develop a novel gaming experience that will unleash further possibilities in the Web3 domain.
Massive Polygon (MATIC) Tokens Transfer to Coinbase. Whale Alert disclosed the transfer of over 55 million Polygon (MATIC) tokens from unidentified addresses to the Coinbase (COIN) exchange in a succession of posts on X (formerly Twitter).
Concerns were raised due to these transfers’ substantial and rapid volume, as such activity frequently indicates a sale intent when tokens are transferred to exchanges from external sources.
🚨 19,896,435 #MATIC (16,443,201 USD) transferred from unknown wallet to #Coinbasehttps://t.co/dCSA4N6H3m
— Whale Alert (@whale_alert) November 12, 2023Nevertheless, despite these transactions failing to decelerate the MATIC price, the cryptocurrency is trading at $0.87, a significant increase from its previous value.
About the circulation of MATIC tokens, a recent on-chain analysis employing Santiment data reveals a significant surge in usage from November 5th to November 9th.
Throughout this time frame, the price of MATIC increased from $0.69 to $0.85. This increase in utilization, in contrast to the introduction of tokens into circulation, indicated robust market buying activity, thereby preventing a decline in the value of MATIC.
Despite a subsequent decline in circulation, the present quantity of MATIC in circulation on the Polygon network has increased to 119.96 million. In light of the ongoing accumulation and the possibility of circulation levels returning to November 9th, MATIC attaining $1 is the subject of speculation.
