Polygon Experiences Another Surge In MATIC Whales Transaction Volume
The Polygon ecosystem is currently in an uptrend after a series of positive performances by its native token, MATIC, as depicted on various social media platforms.
According to reports, users on the popular video-sharing platform Instagram will soon get a feel of the Polygon blockchain network. Accordingly, users could mint, display, and sell their non-fungible tokens (NFT) on the platform.
A few days ago, Facebook’s parent company, Meta, announced that it would soon begin the functionality test for a small group of creators in the United States before expanding to other regions.
Meanwhile, the global financial services provider JPMorgan Chase has completed its first live transaction on the Polygon Blockchain under the Monetary Authority of Singapore’s (MAS) supervision.
Moreover, the financial giant leveraged the low transaction fees on the Polygon network to issue tokenized assets in its first interaction with the decentralized finance (DeFi) system.
MATIC Sees Fresh Rally
The native digital token of the Polygon ecosystem reacted positively to the above development, with MATIC soaring by close to 30% over the past week. Furthermore, the latest performance metrics from CoinGecko show that the altcoin is trading at $1.19, with an over 4% increase over the last 24 hours.
Meanwhile, Polygon’s biweekly and monthly data indicate that MATIC has risen by 45.4% and 42%, respectively. The digital assets also experienced significant inflows, which increased their overall market valuation.
MATIC’s current market capitalization is $10.56 billion, showing an increase of over 19%. The massive performance is enough to help the asset maintain its current standing as the 11th largest crypto asset by market cap.
Whales Dominance Shows
A careful dive into the recent happenings revealed that the MATIC whales may have begun to buy tokens two weeks ago in anticipation of the possible rally being experienced by the asset at the moment.
Interestingly, multiple on-chain data show that most of the traders accurately timed their transactions to earn more. Meanwhile, the latest development is evident by the steady drop in the asset’s supply among some of the major crypto exchanges last month.
Like other cryptocurrencies, whales are notorious for sparking a rally depending on different market factors. Whales are known as hodlers as they have huge portfolios of various crypto assets, which they leverage to buy and hold for the long term.
In some cases, whales’ activities often affect the price direction of cryptocurrencies, especially when the token is much sought-after. But MATIC seems to be making a solid statement for itself, and long may the positives continue.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
