Polygon MATIC Surges Amidst Crypto Market Resurgence: Whales Accumulate and Mysterious Wallets Fuel the Rally
Crypto News – In tandem with a broader resurgence in the cryptocurrency market, Polygon’s (MATIC) price has recently experienced a substantial breakout, marking a significant uptick. On-chain data indicates a noticeable increase in the accumulation of MATIC by large investors, with transfers from enigmatic wallets playing a pivotal role in this surge.
According to CoinMarketCap data at the time of this report, MATIC has gained an impressive 8.45% in value over the past 24 hours. On the weekly price chart, the token has demonstrated a remarkable 27% increase, and over the last 30 days, it has seen an even more remarkable surge of 74%.
Data from Santiment reveals that the interest of large-scale investors in MATIC has been on a steady rise since October. This surge in significant purchasing activity underscores the strong desire of key stakeholders to accumulate MATIC holdings.
Furthermore, Whale Alert, a platform that monitors large cryptocurrency transactions, reported that Coinbase received more than 55 million MATIC tokens from various mysterious wallet addresses through three separate transactions. Particularly noteworthy was the transfer of nearly 20 million MATIC tokens from an anonymous wallet to the platform, valuing at approximately $17.8 million at the time of reporting.
In line with these developments, the on-chain analytics platform IntoTheBlock noted a surge in whale demand for MATIC on November 11. According to their data, over the past 30 days, the number of MATIC transactions exceeding $100,000 has skyrocketed by an astonishing 3,800%, as of last Saturday.
There is no doubt that these transfers, coinciding with the spike in whale activity, have had a direct and tangible impact on the upward price trajectory of MATIC. Consequently, MATIC has now reached a price performance level equal to what it last achieved in May.