Polygon’s native coin MATIC continues to gain traction as the cryptocurrency has seen an impressive surge in whale transactions over the past 30 days, reinforcing the digital asset’s price growth and ecosystem.
Whale activities propel Polygon MATIC’s growth
Recently, Polygon MATIC’s whale trading volume has increased significantly over the past 30 days, leading to increased interest in the crypto asset. Whale transactions are classified as transactions over $100,000.
Data from on-chain analytics firm IntoTheBlock revealed a 3,800% increase in whale transactions within the Polygon network. The increase in whale trading could indicate the presence of active buying and selling maneuvers by institutional and large-scale investors.
“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 “, IntoTheBlock declared.
Initially, whale transactions of major players can influence the market dynamics of a cryptocurrency asset. This is one of the reasons why the price of MATIC has seen a significant rise in recent weeks.
Furthermore, it was also revealed that wallets containing between 100,000 and 1 million MATIC have accumulated over 42.88 million tokens since October 24. Additionally, 161 transactions totaling $100,000 or more were made in a single day, the highest number since July 2023.
The price of MATIC is not the only asset that this increase in whale activity has had a positive impact over the last 30 days. The crypto market cap has also increased significantly following whale activities and accumulation, recording a 62% increase over the past 30 days.
MATIC performance over the past week
Last week, the cryptocurrency surpassed the price of $0.75, indicating an increase of more than 50% in price increases over the past 20 days. This means that the crypto is showing significant strength, which could allow it to reach the $1 mark by the end of the year.
MATIC saw a 33% year-to-date (YTD) decline in September, but recovered within a month. The rising price of MATIC puts it in a profitable position.
Currently, the price of MATIC is $0.87, with a 24-hour trading volume of $943,748,349 at the time of writing. Its market capitalization is valued at $943,748,349, with an increase of over 4% in the last 24 hours, according to CoinMarketCap.
Additionally, the recent Immutable web3 gaming platform Partnership with Ubisoft could also significantly affect the price of MATIC. Indeed, the platform is the first to establish a zero-knowledge (zk) scaling solution for Ethereum (ETH) community, and Polygon will power the platform’s zkEVM.
Featured image from iShock, chart from Tradingview.com