Polygon (MATIC) whales are on a major buying spree, a trend that underscores a bullish trend that only a privileged few are aware of.
Polygon (MATIC) Whale Accumulation Trend
According to top market analyst Ali Martinez, Polygon whales have acquired as many as 120,000,000 MATIC valued at about $90,480,000 per current market price of $0.754 per token in just a week. This historic accumulation comes at a time when most altcoins are finding their balance with new layer-2 players like Blast diverting investors’ attention.
#Polygon | Recently, $MATIC whales have been on a buying spree, scooping up over 120 million #MATIC in the past week – that’s a hefty $90 million investment! pic.twitter.com/uqXopGoqvy
— Ali (@ali_charts) November 29, 2023
It is worth noting that the ‘whale transactions’ being referenced here account for transactions worth at least $100,000. Per the chart shared by the analyst, this whale accumulation figure is arguably the largest recorded since at least November 14, showcasing a sustained trend in the Polygon ecosystem.
The reasons for the attractiveness of Polygon are not entirely far-fetched. Polygon has expanded its influence as a viable L2 protocol, especially for the gaming ecosystem. Through broad collaborations with industry players, it has showcased its readiness to embrace innovations and adapt its offerings in an interoperable way.
Polygon has also spooked the attention of top trading platforms in the past few weeks with the likes of Binance unveiling their support for Circle’s stablecoin USD Coin (USDC) on the layer-2 network. This integration ultimately brings more users to the Polygon protocol, expanding its ecosystem by doing so.
Impact of Upgrades on Price Growth
Another important trend that justifies the Polygon (MATIC) whale accumulation and potential impact on price is the steady upgrade of the protocol. As reported earlier by Coingape, Polygon announced the upgrade of its zkEVM offshoot, a move that complements the launch of the POL smart contract on the Ethereum mainnet.
These observable trends in Polygon have fueled a surge in the price of MATIC. At the time of writing, MATIC is up 2.6% to $0.754. The outlook has seen its price soar as high as 17% in the past month, setting the coin on a positive pedestal to end the month on a good note.
Should the whale accumulation continue, it can trigger a hoarding sentiment that might further deflate the circulating supply of MATIC. This, if matched by a consistent surge in demand can push the price of the asset to new heights as the year journeys to a close.
