Crypto Whales put $90 million in Polygon when prices dropped, suggesting a possible comeback. This happened after a big boost from Polygon Labs’ MATIC to POL token switch.
Key Takeaways
- Whales purchased over 120 million MATIC tokens, injecting $90 million into the market amid the token’s price correction.
- MATIC’s price rebounded from recent lows, demonstrating a 20% increase in monthly gains. Sustained whale buying often signals potential market bottoms, fostering optimism among MATIC holders.
- Apart from MATIC’s market dynamics, the Polygon network experienced significant expansion. Active addresses surged from 120,000 to 385 million over three years, accompanied by a substantial spike in daily transactions, surpassing six million.
Whales Bolster MATIC Amid Price Dip
Following a robust performance from mid-October to early November, Polygon (MATIC) faced a correction, descending from $0.92 to $0.76. This shift coincided with the initiation of MATIC to POL token conversion by Polygon Labs.
Crypto Whales Splash $90M to Scoop #Polygon (#MATIC) Dip, as Highlighted by Top Analyst @ali_charts. $MATIC #MATICCommunity https://t.co/fenjQFmVmZ
— TheCryptoBasic (@thecryptobasic) November 30, 2023
Crypto trader Ali Charts shared data revealing whale acquisitions of over 120 million MATIC tokens in the past week alone, translating to a substantial $90 million in buying pressure.
Polygon’s Network Growth and User Activity Surge
Beyond MATIC’s price dynamics, the Polygon network exhibited remarkable surge. Active addresses on the platform soared from 120,000 to an impressive 385 million over the past three years.
This surge in user activity contributed to increased network fees, underlining the growing engagement and vitality of the Polygon ecosystem.
To Conclude
Polygon’s recent price correction, while prompting reduced speculative interest, has been accompanied by significant whale investment, hinting at a potential market recovery.
The broader Polygon network’s growth, marked by an increase in active addresses and daily transactions, underscores the sustained interest and activity within the ecosystem.
