The native cryptocurrency of Polygon is soaring, with the price of MATIC rising another 9% and getting closer to $0.90. The MATIC price has made a significant breakthrough from the downward falling channel on the monthly chart, and it is now entering a significant macro uptrend.
— Rekt Capital (@rektcapital) November 12, 2023
An Increase in Institutional Participation
The price of Polygon has increased by more than 27% in the past week due to significant whale accumulation, and MATIC has joined the altcoin market upswing. In just one month, the price of MATIC increased by an astounding 70%.
According to IntoTheBlock, a platform that analyzes the bitcoin industry, institutional and whale interest in the space has significantly surged. Specifically, during the last 30 days, transactions over $100,000 have increased by an astounding 3,800% on Polygon, an Ethereum scaling solution.
In other news, Immutable, a Web3 gaming platform, has revealed a new agreement with Ubisoft, a well-known publisher and developer of video games. This is a significant move for the Polygon ecosystem. The goal of this partnership is to develop a novel gaming experience that will open up new possibilities for the Web3.
The Transfer of Massive Polygon (MATIC) Tokens to Coinbase
Using a series of posts on X (formerly Twitter), Whale Alert disclosed the movement of over 55 million Polygon (MATIC) tokens from anonymous addresses to the Coinbase (COIN) exchange. Concerns were raised by the speed and size of these transactions, since when tokens are delivered to exchanges from outside sources, these moves frequently imply a plan to sell.
Nevertheless, despite the cryptocurrency price quickly rising to $0.87 at the time of publication, these transactions haven’t been able to lower the price of MATIC.
In terms of circulation, there was a discernible rise in the use of MATIC tokens between November 5th and November 9th, according to a recent on-chain analysis that used Santiment data. MATIC saw a price increase from $0.69 to $0.85 during this time. This increase in usage defied the introduction of tokens into the market, indicating robust buying activity that kept MATIC’s value from falling.
Despite a subsequent decline in circulation, there are currently 119.96 million MATIC in circulation on the Polygon network. There is conjecture that MATIC could approach November 9th circulation levels given the continued accumulation and possible return.