Polygon (MATIC) Whale Accumulation Trend
Polygon (MATIC) has recently witnessed a surge in activity, with whales accumulating over 120,000,000 tokens within a week. This notable buying spree indicates a bullish trend that may be known to only a select few.
Top market analyst Ali Martinez reports that Polygon whales have acquired 120,000,000 MATIC, valued at approximately $90,480,000 based on the current market price of $0.754 per token. Notably, these whale transactions involve amounts exceeding $100,000. The chart shared by the analyst suggests that this accumulation is one of the largest recorded since at least November 14, reflecting a sustained trend in the Polygon ecosystem.
Reasons for Attractiveness
The attractiveness of Polygon stems from its role as a prominent L2 protocol, particularly in the gaming ecosystem. Collaborations with industry players and a commitment to innovation have contributed to its appeal. Recent support from major trading platforms, such as Binance endorsing Circle’s stablecoin USD Coin (USDC) on the layer-2 network, has further expanded Polygon’s ecosystem.
Impact of Upgrades on Price Growth
An additional factor influencing the Polygon (MATIC) whale accumulation is the continuous protocol upgrades. Polygon recently announced the upgrade of its zkEVM offshoot, complementing the launch of the POL smart contract on the Ethereum mainnet.
Price Surge and Outlook
These observed trends have contributed to a surge in the price of MATIC, which is currently up 2.6% to $0.754. Over the past month, MATIC has experienced a significant increase, reaching as high as 17%. This positive momentum positions the coin favorably as the month concludes.
If the whale accumulation continues, it may instigate a hoarding sentiment, potentially reducing the circulating supply of MATIC. Coupled with a sustained surge in demand, this scenario could propel the asset’s price to new heights as the year comes to a close.