The native coin of Polygon, MATIC, has been experiencing a surge in whale transactions over the last 30 days, contributing to significant growth in its price and ecosystem.
Rise in Whale Transactions on Polygon MATIC
Over the past month, whale transaction volume for Polygon MATIC has seen a substantial increase, generating heightened interest in the digital asset. These transactions are defined as those exceeding $100,000.
Data from IntoTheBlock, an on-chain analytics company, indicates a 3,800% rise in whale transactions within the Polygon network. This surge may suggest increased buying and selling activities by institutional and large-scale investors.
According to IntoTheBlock’s Twitter post, “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.”
Initially, whale transactions can influence the market dynamics of a cryptocurrency. This is one reason for the significant price increase of MATIC in recent weeks.
It was also reported that wallets holding between 100,000 to 1 million MATIC have accumulated over 42.88 million tokens since October 24. Additionally, a total of 161 transactions worth $100,000 or more were conducted in a single day—the most since July 2023.
This increased whale activity has not only positively impacted MATIC’s price but also led to a significant rise in its market capitalization by 62% over the last month.
MATIC’s Recent Performance
Last week, the cryptocurrency surpassed the $0.75 price mark, signifying a surge of over 50% within the last 20 days. This development indicates that MATIC is gaining strength and could potentially reach $1 by year-end.
In September alone, MATIC experienced a YTD decline of 33%, but it recovered within a month. The current price of MATIC stands at $0.87 with a market capitalization valued at $943,748,349 and trading volume reaching $943,748,349 over the past 24 hours.
Polygon’s partnership with Ubisoft via Immutable could also have a significant impact on MATIC’s price. The platform will be powered by Polygon’s zkEVM and is considered the first zero-knowledge (zk) scaling solution for Ethereum (ETH).
Hot Take: Positive Future for Polygon MATIC
Polygon MATIC’s recent performance reflects its potential for future growth. With its increasing market capitalization and strong partnerships with industry players like Ubisoft’s Immutable platform, it is likely that MATIC will continue to gain traction as an attractive investment option within the crypto space.
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