The native coin of Polygon MATIC continues to gain popularity as the cryptocurrency has seen an impressive increase in whale transactions over the past 30 days, fueling price growth for the digital asset and ecosystem.
Whaling activities drive Polygon MATIC’s growth
Recently, Polygon MATIC’s whale transaction 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 company IntoTheBlock has revealed a 3,800% increase in whale transactions within the Polygon network. The increase in whale transactions could indicate the presence of active buying and selling maneuvers by institutional and large-scale investors.
“Demand for institutional investors and whales has surged, with Bitcoin seeing an 80% increase in transaction volume over $100,000, Ethereum 170% and Polygon over 3,800% compared to 30 days ago,” IntoTheBlock said. declared.
Initially, whale trades from major players can impact the market dynamics of a cryptocurrency asset. This is one of the reasons why MATIC’s price has risen significantly in recent weeks.
It was further away revealed that wallets holding 100,000 to 1 million MATIC have collected more than 42.88 million of the token since October 24. Additionally, 161 transactions totaling $100,000 or more were completed in one day – the highest number since July 2023.
MATIC’s price isn’t the only asset that has positively influenced this increase in whale activity over the past thirty days. The crypto market cap has also increased significantly due to the whale activity and accumulation, rising 62% in the last 30 days.
MATIC’s performance last week
Last week the cryptocurrency passed the price level of $0.75, indicating a price increase of more than 50% in the last 20 days. This means that the crypto is showing significant strength, which could see it reach the $1 mark by the end of the year.
MATIC fell 33% year-to-date (YTD) in September, but recovered within a month. MATIC’s price rally puts the company 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 cap is estimated at $943,748,349, according to CoinMarketCap, up more than 4% in the past 24 hours.
In addition, the web3 gaming platform Immutable is recent partnership with Ubisoft could also have a significant impact on the price of MATIC. This is because the platform is the first to provide a zero-knowledge (zk) scaling solution for the Ethereum (ETH) community, and Polygon will power the platform’s zkEVM.
Featured image of iShock, chart by Tradingview.com