Significant Increase in Large MATIC Transactions
Large MATIC transactions exceeding $100k and $1 million witnessed a notable surge in December.
MATIC’s Profitable Supply Presents Buying Opportunities
MATIC, trading at $0.8323 at the time of publication, has experienced a substantial gain of 7.77% in the last 24 hours and a remarkable 10% increase over the month.
Whale Activity Boosting MATIC Demand
The recent surge in MATIC’s price may be attributed to influential whale investors, with more than 150 transactions exceeding $100k and $1 million recorded on December 20th.
Since the beginning of December, there has been a noticeable spike in addresses holding between 1,000 and 1 million MATIC coins.
MATIC’s Supply in Profit and Accumulation Opportunities
MATIC’s supply in profit has surpassed 42%, creating favorable conditions for further accumulation, according to Santiment’s analysis.
Comparing MATIC to Bitcoin, Santiment suggests that while caution is needed for BTC’s supply in profit, MATIC is comfortably in an opportunity zone, increasing the likelihood of further upward movement.
Breaking Crucial Barrier for Future MATIC Gains
Popular technical analyst Ali Martinez notes that MATIC needs to break the $0.79-$0.84 range, where approximately 39,000 addresses hold over 4.24 billion coins, to make further strides.
Inscriptions Driving Polygon’s Demand
Polygon is capitalizing on the inscriptions frenzy, with around 32% of all transactions on the network in the last 24 hours tied to inscription activity.
Despite the inscriptions’ significance, gas fees spent on inscriptions remain disproportionately low, constituting just 6.81% of the network’s total fee revenue.
Exponential Increase in Transactions on Polygon
Driven by inscriptions, the total number of transactions settled on the Polygon network surged to an all-time high of 3.07 million on December 20th, making it the second busiest network across the industry, as per AMBCrypto’s examination of Artemis stats.
