In a crypto twist that sent shockwaves through the digital environment, a mysterious wallet emerged from the shadows and masterminded a massive transfer of 17,895,970 MATIC—which equates to a stunning $14.7 million—directly into Coinbase.
Because of the huge increase in transaction volume, the MATIC price has risen beyond $0.80 for the first time since July. MATIC’s market capitalization has climbed by 62% in the last four weeks as a result of increasing turnover and acquisition by whales.
MATIC Mysterious Financial Maneuver Unveiled
The cryptocurrency world observed Polygon’s MATIC token begin a bullish ride during this perplexing financial maneuver. As MATIC surged above the $0.75 resistance level, it was met with a powerful hurdle at the $0.89 support.
MATIC was trading at $0.88 at the time of writing, up 8.5% in the last 24 hours and 27% in the last seven days, according to Coinstats.
The current gain in value coincides with a rejuvenated cryptocurrency industry, fueled by a growing sense of confidence in Bitcoin.
However, the price increase in MATIC cannot be attributable solely to market sentiment. Empirical evidence suggests that the accumulation of large investors and important collaborations was critical in propelling MATIC’s breakout.
Read Also: MATIC Propels Over $0.75, Is $1 Possible?
“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
According to IntoTheBlock, an on-chain analytics firm, institutional and whale demand for cryptocurrencies has surged dramatically. According to Polygon, an Ethereum scaling solution, the number of transactions involving more than $100,000 has surged by 3,800% in the last 30 days.
According to statistics given by the analytics platform Santiment, large-scale investors, often known as whales, with holdings ranging from 100,000 to 10 million MATIC tokens, amassed an additional 42 million tokens during the latter part of October.
Strong Buying Activity
In a 24-hour period, a total of 161 MATIC transactions were completed, each worth more than $100,000. This large buying activity demonstrates important stakeholders’ strong desire to accumulate MATIC shares. The accumulation of assets has had a direct impact on the upward price movement.
Increased Whale Appetite
Meanwhile, Coinbase has received over 55 million Polygon [MATIC] tokens, according to three different posts made by Whale Alert on X (previously Twitter).
🚨 19,896,435 #MATIC (16,443,201 USD) transferred from unknown wallet to #Coinbasehttps://t.co/dCSA4N6H3m
— Whale Alert (@whale_alert) November 12, 2023
🚨 17,655,976 #MATIC (14,591,597 USD) transferred from unknown wallet to #Coinbasehttps://t.co/SlO3MwhixI
— Whale Alert (@whale_alert) November 12, 2023
🚨 17,895,970 #MATIC (14,789,937 USD) transferred from unknown wallet to #Coinbasehttps://t.co/rDG2yMNovd
— Whale Alert (@whale_alert) November 12, 2023
The transfers were coming from unidentified addresses, according to the whale tracking handle.
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