Mysterious MATIC Wallet Makes Huge Transfer to Coinbase
An anonymous wallet recently orchestrated a significant transfer of 17,895,970 MATIC, equivalent to a staggering 14,789,937 USD, directly into Coinbase. The move sent shockwaves through the crypto world and triggered a surge in MATIC’s price to over $0.80 for the first time since July.
MATIC’s Bullish Journey Unveiled
Polygon’s MATIC token began a bullish journey as it surpassed the $0.75 resistance level but faced strong resistance at the $0.89 support level. At present, MATIC is trading at $0.88, marking an 8.5% increase in the last 24 hours and a remarkable 27% rally in the last seven days.
Increased Whale and Institutional Demand
Institutional and whale demand for cryptocurrencies has significantly risen, with transactions over $100k increasing by 3,800% in the past 30 days on Polygon.
Large-scale investors have accumulated more than 42 million MATIC tokens over the last month, leading to strong buying activity and a surge in prices.
Strong Buying Activity
A total of 161 transactions involving MATIC were executed within 24 hours, each surpassing a value of $100,000. This demonstrates significant stakeholders’ strong desire to accumulate MATIC holdings and has led to favorable price movements.
Whale Accumulation Drives Price Increase
The surge in huge transaction volume has caused MATIC’s market value to increase by more than 60%. Meanwhile, Coinbase has received over 55 million Polygon (MATIC) tokens from unidentified addresses according to Whale Alert.
Hot Take: Increased Whale Activity Boosts MATIC’s Value
The recent influx of institutional and whale demand for MATIC has driven a significant increase in its market value. The mysterious transfer to Coinbase has signaled growing interest in the token and contributed to its bullish trajectory. With large-scale investors accumulating millions of tokens, this surge in buying activity is likely to continue driving up MATIC’s price in the near future.
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