Crypto Whales Seize Buying Opportunity, Injecting $120 Million into MATIC During Market Dip

Recent Surge in MATIC Acquisition by Whales

Despite regulatory challenges, the overall cryptocurrency market once again shows bullishness, and investors and institutions are showing strong interest. Recently, data from Santiment, an on-chain analytic firm, grabbed everyone’s attention.

In the last 7 days, Polygon’s (MATIC) whales have bought a significant amount, acquiring over 120 million MATIC tokens worth a substantial $90 million. This information is shared by a prominent trader and analyst, Ali, on X (formerly Twitter).

Short-term and Long-term Performance of MATIC

If we look at the performance of MATIC in the last 7 days, it seems like MATIC didn’t perform well as it has experienced a minor 0.2% downside movement. Meanwhile, in the last 30 days, MATIC’s performance has been quite better, with a significant 20% upside movement.

This massive acquisition of MATIC might be due to the potential upcoming bull run because of the potential approval of a spot Bitcoin Exchange Traded Fund (ETF) or a recent announcement by the founder of Polygon, Sandeep Nainwal.

Upcoming Milestones and Events for Polygon

In a recent post on X, Sandeep announced some dates and made a statement: “As we approach the year-end, Polygon is gearing up for a series of groundbreaking events.”

  • December 7, 2023: At Polygon Connect, the blockchain landscape in India will witness a transformative moment.
  • December 14, 2023: The public will get a firsthand look at Polygon’s next-generation Zero-Knowledge (ZK) product, representing a crucial milestone for the entire Ethereum ecosystem.
  • December 20, 2023: Polygon aims to redefine the game for Real World Assets (RWAs) and institutional adoption, showing in a new era of engagement with blockchain technology.

These events collectively signify Polygon’s commitment to pushing the boundaries of blockchain innovation, with implications for both the Indian blockchain scene and the broader Ethereum community.

Reasons Behind Massive MATIC Accumulation

The reason behind this massive accumulation of MATIC is not yet known; it might be that someone knew this news prior to the statement by Polygon’s Sandeep.

Cryptocurrency Prices and Trends

As of writing, the overall cryptocurrency market is experiencing a price surge, and top cryptos like Bitcoin (BTC) touched their 52-week high as of November 29, 2023. However, MATIC is also up by 2.5% in the last 24 hours and is currently trading near $0.756. By looking at the chart on a daily time frame, it seems like MATIC has been struggling in a small zone for the last eight days.

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