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- Large MATIC transactions worth over $100,000 and $1 million increased significantly in December.
- MATIC’s profit offer presented opportunities for buyers
Polygon [MATIC] posting significant gains of 7.77% in the last 24 trading hours, joining the broader pump in the altcoin market.
At the time of publication, the crypto was exchanging hands at $0.8323, with double-digit gains of 10% for the month, AMBCrypto found using CoinMarketCaps facts.
Whales drive MATIC’s demand
The latest wave could be the work of influential whale investors. According to AMBCrypto’s analysis of Santiment’s data, large transactions worth more than $100,000 and $1 million increased significantly in December.
Activity picked up this week in particular, with more than 150 such transfers on December 20. As is clear, MATIC’s price has increased since then.
Source: Santiment
Apparently whales used this transaction to fill their coffers. Since the beginning of December, a noticeable spike in the number of addresses with between 1,000 and 1 million coins has been observed.
Source: Santiment
MATIC offers “opportunities”
Meanwhile, MATIC’s profit offering rose above 42% as conditions were ripe for further accumulation, Santiment noted in a report. X after.
Compare the situation with Bitcoin [BTC]Santiment said that while the king coin’s profit offering required caution, MATIC was “comfortably in an opportunity zone.”
Therefore, MATIC was more likely to advance further north in the coming days.
But to do that, MATIC had to break through a crucial barrier. Popular tech analyst Ali Martinez noted that the crypto was in the $0.79-$0.84 range, with around 39,000 addresses holding more than 4.24 billion coins.
Martinez said that to make further progress, MATIC had to break out of this zone.
Inscriptions drive Polygon’s demand
Like other blockchains, Polygon rode the inscription madness. According to a Dune dashboard scanned by AMBCrypto. approximately 32% of all transactions on the network in the last 24 hours were linked to sign-up activity.
However, gas fees spent on registrations were disproportionately low, as only 6.81% of the network’s total fees came from registrations.
Read MATIC’s price forecast 2023-24
Driven by sign-ups, the total number of transactions handled on the network increased exponentially over the week.
According to AMBCrypto’s research of Artemis statistics, the count peaked to an all-time high (ATH) of 3.07 million on December 20, during which time it was the second busiest network in the industry.
Source: Artemis