The Whales and MATIC Accumulation
Notably, major crypto players have recently accumulated a staggering 32 million MATIC tokens. The surge in accumulation follows Polygon’s listing on the Gemini exchange, sparking speculations about a potential push to the coveted $1 mark.
The MATIC Accumulation Spree
Whale Alert highlighted a surge in MATIC accumulation on February 8th. Two significant transactions involved a transfer of 11.99 MATIC worth $9.99 million from Coinbase Institutional to an unknown wallet, and another accumulation of 20 million MATIC totaling $16.66 million from Polygon Staking to another mysterious wallet.
Gemini’s Global Crypto Splash
Gemini, a major crypto exchange, made waves by adding the MATIC/GUSD perpetual contract to its international crypto derivatives platform, showcasing its commitment to providing hassle-free crypto trading for users worldwide.
MATIC Price Momentum
As a result of these developments, Polygon’s MATIC token witnessed a significant 4.52% price jump in the last 24 hours, reaching $0.8337. Over the week and month, it marked increases of 6.45% and 8.12%, respectively, with trading volume also surging to $284.23 million.
Hot Take: Potential for MATIC to Reach $1 Mark
With the recent accumulation of MATIC tokens by whales and the listing of the MATIC/GUSD perpetual contract on Gemini, there is high anticipation to see if these strategic factors will drive Polygon towards the speculated $1 price mark in the coming days.
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