Cryptocurrency Polygon (MATIC) is currently way above its three month high range thanks to the huge whales activity in the last 24 hours.
Polygon (MATIC) Whales News: Cryptocurrency Polygon (MATIC) is currently way above its three month high range. On chain data showed huge amount of MATIC whale transactions in the last 24 hours. Interestingly, the current whale activity is now at the eight month high level. However, it appears that certain Polygon (MATIC) whales have timed their trades well in last few weeks to maximize returns from the big announcements.
Huge Polygon (MATIC) Sell Off In October
The MATIC rally intensified after Meta said Instagram will rely on Polygon for its first NFT marketplace. In addition to this big news, another major announcement involving Wall Street bank JP Morgan and Polygon came out. The bank said it successfully executed a trade using the Polygon blockchain network. JP Morgan issued $71,000 on the Polygon Layer-2 blockchain using Aave decentralized finance protocol.
The two back to back announcements led to huge price rise for $MATIC. Over the past one week, price of the 11th ranked cryptocurrency by market cap rose by a staggering 22.14%. As of writing, the cryptocurrency’s price stands at $1.15, up around 20% in the last 24 hours, according to price tracker CoinMarketCap. However, trading activity for MATIC in recent times shows an interesting sell off trend around second week of October.
According to Santiment Insights, there was a sharp drop in $MATIC supply on exchanges around October 11. It could potentially mean some of the Polygon (MATIC) whales anticipated the big news prior to them becoming public.
“The sharp drop in supply on exchanges around 11th October suggests large accumulation during that period. Did someone know of the events to come to make such a confident bet?”
High Polygon Network Growth
Meanwhile, MATIC is currently witnessing highest network growth in several months. However, the current Polygon metric for market value by realised value (MVRV) could be a sign of incoming price decline for $MATIC. The Polygon management aspires to take the cryptocurrency to top 3 place behind Bitcoin and Ethereum. Already, the network signed signed partnerships with big companies like Adobe, Meta and NFL. Overall, in terms of growth, Polygon stands to be potentially among the top cryptocurrencies in current scenario.
Source : Coingape
