The cryptocurrency market bounced back after an upward move. Leading crypto Bitcoin failed to stay above $38,000 and fell just below. However, the market continues to show resistance. Meanwhile, MATIC whales are on a massive buying spree, underscoring a bullish trend that only a privileged few are aware of. Experienced analyst Ali Martinez draws attention to this situation for the altcoin.
MATIC whales are collecting like crazy!
According to veteran market analyst Ali Martinez, Polygon whales purchased as many as 120,000,000 MATIC worth approximately $90,480,000 in just one week at the current market price of $0.754 per token. This historic accumulation comes at a time when most altcoins are finding their footing with new tier-2 players like Blast diverting investors’ attention. The analyst shared the following about this accumulation frenzy for the altcoin:
Polygon: Recently, MATIC whales have gone on a buying spree, purchasing over 120 million MATICs in the past week. This is a hefty investment of $90 million!
#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 should be noted that the ‘whale transactions’ mentioned here include transactions worth at least $100,000. According to the analyst’s post, this whale accumulation is likely the largest recorded since November 14. Additionally, the chart shows a continuing trend in the Polygon ecosystem.
Altcoin project also attracts the attention of the stock markets!
The reasons for Polygon’s appeal are not entirely remote. Polygon has expanded its influence as a viable L2 protocol, especially for the gaming ecosystem. Thanks to its extensive collaborations with industry players, it has demonstrated its readiness to embrace innovations and adapt its offerings in an interoperable manner.
Polygon also attracted the attention of top trading platforms in recent weeks when Binance announced support for Circle’s stablecoin, USD Coin (USDC), on its layer-2 network. This integration ultimately brings more users to the Polygon protocol, expanding its ecosystem.
Impact of upgrades on altcoin price growth
Another important trend that justifies the Polygon (MATIC) whale accumulation and its potential impact on the price is the steady upgrade of the protocol. As Kriptokoin.com previously reported, Polygon has completed the launch of the POL smart contract on the Ethereum main-net. In this move, he announced that the zkEVM branch was upgraded.
These notable trends in Polygon caused an increase in the price of MATIC. At the time of writing, MATIC is trending sideways on its daily chart. In this direction, the altcoin price is around $ 0.75. However, MATIC gained over 17% on its monthly chart. This puts the cryptocurrency on a positive pedestal to end the month on a good note. If whale accumulation continues, it is possible that MATIC will trigger a hoarding sentiment that will further reduce its circulating supply. If this is paired with a consistent increase in demand, it is likely to push the altcoin price to new highs as the year comes to an end.
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