Whale Activity Propels Polygon MATIC’s Growth
Recently, Polygon MATIC’s native coin has witnessed a remarkable surge in whale transactions over the past 30 days, contributing to substantial growth in both the digital asset’s value and the overall ecosystem.
Whale transactions, classified as transactions exceeding $100,000, have notably increased within the Polygon network by an astonishing 3,800%, as revealed by on-chain analytics firm IntoTheBlock. This surge suggests heightened activity in buying and selling from institutional and large-scale investors.
“Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago,” IntoTheBlock stated.
The influence of major players engaging in whale transactions can significantly impact the market dynamics of a cryptocurrency asset, contributing to the notable uptick in MATIC’s price in recent weeks.
Moreover, data reveals that wallets holding 100,000 to 1 million MATIC have accumulated over 42.88 million tokens since October 24. Additionally, a total of 161 transactions, each exceeding $100,000, were conducted in a single day—marking the highest since July 2023.
MATIC’s Performance Over The Past Week
In the past week alone, MATIC surpassed the $0.75 price mark, indicating a price surge of over 50% in the last 20 days. This significant strength in performance suggests the potential for MATIC to reach the $1 mark by the end of the year.
Despite a 33% year-to-date (YTD) decline in September, MATIC rebounded within a month, positioning itself in a profit-making position. As of the current writing, MATIC’s price is $0.87, with a 24-hour trading volume of $943,748,349. Its market capitalization has seen a 4% increase in the past 24 hours, according to CoinMarketCap.
Additionally, the recent partnership between the web3 gaming platform Immutable and Ubisoft could significantly impact MATIC’s price. This partnership establishes the first zero-knowledge (zk) scaling solution for the Ethereum (ETH) community, with Polygon powering the platform’s zkEVM.