#crypto2023 MATIC has been in green six out of seven days in a row

According to Santiment, the Polygon (MATIC) price has reached its highest since August following a $20.7 million whale transfer. Polygon saw an unusually large holder activity spike when a whale transferred 37 million MATIC, the largest Polygon network transfer since July.

According to Santiment, 37 million MATIC were moved from a whale PoS address to a three-year-old wallet, coinciding with a 4% price increase for the 12th largest #cryptocurrency by market cap, while the rest of the #crypto market sustained losses. Santiment stated that the aforementioned transaction was the largest single transaction on the Polygon Network since July.

On-chain data from IntoTheBlock also confirms a significant increase in whale activity. Polygon is seeing a 411.7% spike in large transaction volume, with $89.45 million worth shifted.  

IntoTheBlock defines large transactions as transfers of more than $100,000. Large transaction volume gives a sense of the overall amount transacted by whales and institutional players on a particular day, and a spike may indicate higher buying or selling activity.

MATIC price action

MATIC was up 3.95% in the last 24 hours to $0.592 at the time of writing. In the last seven days, the token has gained 17%. Polygon has been steadily rising since Sept. 28, when it hit support at $0.50.

Since Sept. 28, $MATIC has been in the green six out of seven days in a row. The rise cleared a significant barrier at $0.544, which has hampered the MATIC price in recent weeks and culminated in today's session with highs of $0.599.

Q4 promises to be one full of activity for Polygon, given the implementation of Polygon 2.0, a set of proposed upgrades that would revolutionize the ecosystem.

In mid-September, the network officially announced the start of Polygon 2.0 implementation with the release of three Polygon Improvement Proposals (PIPs) and a Phase 0 roadmap.

The three Polygon Improvement Proposals (PIPs) that were released outlined modifications that, if approved by the community, will commence in early Q4 of this year.#Layer2 #BTC