Institutional Involvement on the Rise
Polygon’s native token, MATIC, is experiencing a surge in whale transactions, indicating a growing level of institutional involvement in the cryptocurrency market. The MATIC price is showing relentless momentum, with a 9% surge, nearing the $0.95 mark. The monthly chart reveals a significant breakout from a downward trending channel, marking the initiation of a substantial macro uptrend.
Surge in Polygon Price and Whales Accumulation
Over the last week, the Polygon price has surged more than 27% amid strong whale accumulation, as MATIC joins the altcoin market rally. Over the last month, the MATIC price has gained a staggering 70%.
Crypto market analysis platform IntoTheBlock reports that institutional and whale interest in the cryptocurrency sector has notably increased. Specifically, Polygon has witnessed an extraordinary 3,800% surge in transactions exceeding $100,000 over the past 30 days.
Positive Developments in the Polygon Ecosystem
In other positive news, the Polygon ecosystem sees significant developments as Immutable, a Web3 gaming platform, reveals a fresh partnership with Ubisoft, a prominent video game creator and publisher. This collaboration aims to create an innovative gaming experience, unlocking additional potential within the Web3 space.
Massive Polygon (MATIC) Tokens Moving to Coinbase
Whale Alert, in a series of posts on X (formerly Twitter), revealed the transfer of more than 55 million Polygon (MATIC) tokens to the Coinbase (COIN) exchange from unidentified addresses. The rapid and substantial volume of these transfers raised concerns, as such movements often suggest an intention to sell when tokens are sent from external sources to exchanges. However, these transactions haven’t been able to pull down the price of MATIC, with the crypto price swiftly surging to $0.87 as of press time.
Regarding circulation, a recent on-chain analysis using Santiment data shows a notable increase in the utilization of MATIC tokens between November 5th and 9th. During this period, MATIC witnessed a price surge from $0.69 to $0.85. Contrary to tokens being introduced into the circulating supply, this uptick in usage indicated strong buying activity in the market, preventing any decline in MATIC’s value.
Although circulation subsequently decreased, the current count of circulating MATIC on the Polygon network has risen to 119.96 million. Given the ongoing accumulation and a potential return to November 9th circulation levels, there is speculation of MATIC reaching $1.
