MATIC notched higher, pushed by a crypto market resurgence and increased whale activities.
Santiment data shows large-scale crypto traders have doubled down on MATIC accumulation since October.
Whale Alert also reported multiple mysterious transfers to Coinbase, with one address sending nearly 20 million MATIC tokens.
Alongside a broader crypto market resurgence, Polygon’s (MATIC) has seen its price break out and notch a significant increase in the past few days. On-chain data suggests an uptick in MATIC whales accumulation, and transfers from mysterious wallets aided this uptick.
CoinMarketCap data indicates, at the time of press, that MATIC has added an 8.45% gain to its value in the past 24 hours. On the weekly price chart, the token has seen an impressive 27% increase and a more remarkable 74% gain in the last 30 days.
According to data from Santiment, large-scale investors’ interests in MATIC have risen significantly since October. This surge in large purchasing activity demonstrates important stakeholders’ strong desire to amass MATIC shares.
Furthermore, Whale Alert reported that Coinbase received over 55 million MATIC tokens from different mysterious wallet addresses across three transactions. In particular, the data tracker noted that an anonymous wallet transferred nearly 20 million MATIC tokens to the platform. At the time of press, the tokens were worth around $17.8 million.
Along the same line, on-chain analytics platform IntoTheBlock on November 11 also noted the spike in whale demand for MATIC. Data from the platform indicated that in the last 30 days, the number of MATIC transactions worth over $100K has surged by 3,800% as of Saturday.
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. pic.twitter.com/ElM1CDZ3wA
— IntoTheBlock (@intotheblock) November 11, 2023
Undoubtedly, these transfers, which coincide with the whale activity spike, have had a direct influence on the upward price trend. As a result, MATIC has now equaled the price performance it last saw in May.
The post MATIC Rises 74% In 30 Days as Whale Transfers Spike Significantly appeared first on Coin Edition.
