Polygon’s native cryptocurrency, MATIC, exhibits relentless upward momentum, keeping an extra 8% surge in the last 24 hours. The token arrived at an impressive four-month high at $0.92 and is at present trading at $0.88.
Over the course of last week, MATIC has surged by over 26%, riding the rush of the altcoin market rally. In the more extensive timeframe of one month, MATIC’s price has encountered a staggering 71% increase. The surge in price aligns with a prominent uptick in institutional and whale interest across the crypto market. Transactions more than $100k have seen substantial development, with Bitcoin up by 80%, Ethereum by 170%, and Polygon witnessing an astounding surge of more than 3,800% in the past 30 days.
Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago. pic.twitter.com/ElM1CDZ3wA
— IntoTheBlock (@intotheblock) November 11, 2023
In a significant improvement for the Polygon ecosystem, Immutable, a Web3 gaming platform, has reported a partnership with Ubisoft, an eminent video game creator and publisher. The coordinated effort aims to enhance gaming experiences inside the Web3 space, adding to the positive sentiment surrounding Polygon.
Nonetheless, in the midst of this surge, concerns arise as Whale Alert reports a substantial transfer of 55 million MATIC tokens from an unknown address to the Coinbase exchange inside the last 24 hours. While such movements from external sources to exchanges frequently show a possible intent to sell, the impact on MATIC’s price remains minimal at the time of writing.
Final Thoughts
The robust presentation of MATIC and its ecosystem, coupled with strategic partnerships, underlines Polygon’s noticeable quality in the blockchain space. As institutional interest and positive developments continue, MATIC remains a striking player in the continuous crypto market rally.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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