The Reason Polygon (MATIC) Price Has Exploded 80% in the Past Month
TL;DR
- MATIC’s Price Surge: Polygon’s native token, MATIC, has seen an 80% increase in value over the past month and is among the few assets to gain in the last 24 hours, currently trading at around $0.94.
- Market Sentiment and Institutional Interest: The rally in MATIC’s price is partly attributed to the overall bullish sentiment in the crypto market and growing interest from institutional investors and whales.
- Significant Accumulation by Key Wallets: Key wallets holding between 100K to 10M MATIC have accumulated about 43 million tokens, currently worth approximately $40 million, contributing to its impressive market performance.
Polygon’s native cryptocurrency – MATIC – has experienced a significant price increase lately, being up over 80% in the past month.
Moreover, it is among the few digital assets that have charted some gains in the last 24 hours. According to CoinGecko’s data, MATIC is currently worth around $0.94, 8% more than yesterday’s valuation.
One reason behind its rally could be the overall bullish sentiment in the entire cryptocurrency market, which has pushed numerous digital assets, including Bitcoin (BTC), towards fresh yearly peaks.
Another factor behind MATIC’s impressive performance could be the increasing interest from institutional investors and whales.
Data presented by IntoTheBlock revealed that Polygon’s token has witnessed a 3,800% jump in the volume of transactions of over $100K for the past month.
In comparison, BTC has seen an 80% spike, while the second-largest cryptocurrency by market capitalization – Ethereum (ETH) – has experienced 170%.
As CryptoPotato recently reported, key wallets holding 100K-10M MATIC have accumulated almost 43 million tokens between October 24 and November 10. The stash equals approximately $40 million (calculated at current rates).
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