A mysterious wallet emerged from the shadows and arranged a large transfer of 17,895,970 MATIC, which translates to a staggering $14.7 million, directly to Coinbase, in a cryptographic twist that sent waves of shock across the digital landscape.
The surge in heavy trading volume pushed the price of MATIC above $0.80 for the first time since July. MATIC’s market capitalization has increased by 62% over the past four weeks due to increased turnover and acquisitions by whales.
MATIC’s mysterious financial maneuver revealed
During this enigmatic financial maneuver, the cryptocurrency universe saw Polygon’s MATIC token begin a bullish journey. This became more complicated as MATIC broke above the $0.75 resistance level, only to run into a strong barrier at the $0.89 support level.
At the time of writing, MATIC was trading at $0.88, up 8.5% in the last 24 hours, and is up an impressive 27% in the last seven days, according to data from CoinMarketCap.
MATIC seven-day price action. Source: CoinMarketCap
The recent increase in value is occurring in conjunction with a revitalized cryptocurrency market, propelled by a growing sense of trust around Bitcoin.
Nonetheless, the MATIC price rise cannot be attributed solely to general market sentiment. Empirical evidence indicates that the aggregation of large investors and significant collaborations played a crucial role in MATIC’s breakthrough.
Demand from institutions and whales has increased sharply, with Bitcoin seeing an 80% increase in trading volume over $100,000, Ethereum by 170%, and Polygon by over 3,800% compared to 30 days ago. pic.twitter.com/ElM1CDZ3wA
– Intotheblock (@intotheblock) November 11, 2023
According to IntoTheBlock, an on-chain analytics company, demand from institutions and whales for the cryptocurrency space has increased significantly. In this sense, over the last 30 days, the amount of transactions exceeding $100,000 has increased by 3,800% according to Polygon, an Ethereum scaling solution.
Based on data provided by analytics platform Santiment, it was found that large-scale investors, commonly known as whales, with holdings ranging from 100,000 to 10 million MATIC tokens, have accumulated more than 42 million additional tokens during the last game. of October.
Strong purchasing activity
In 24 hours, a total of 161 transactions involving MATIC were executed, each exceeding a value of $100,000. This notable buying activity demonstrates the strong desire of important stakeholders to accumulate holdings in MATIC. The accumulation of assets had a direct impact on the favorable price development.
Increased appetite of whales
Meanwhile, Coinbase received over 55 million [MATIC] tokens, according to three different posts published by Whale Alert on X (formerly Twitter).
The transfers came from unidentified addresses, according to the whale tracking service.
– Whale Alert (@whale_alert) November 12, 2023
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