Whales News from Cryptocurrency Polygon (MATIC): At the moment, the price of Polygon (MATIC) is much higher than its three-month high range. Over the preceding 24 hours, a sizable number of MATIC whale transactions were discovered using on-chain analytics.
The MATIC surge grew after Meta said that Instagram will rely on Polygon for its first NFT marketplace. Along with this important revelation, a crucial announcement regarding the Wall Street bank JP Morgan and Polygon was made.
Cryptocurrency Polygon (MATIC) is currently trading far over its three-month high range.
Cryptocurrency Polygon (MATIC) Whales News: Polygon (MATIC) is currently trading significantly above its three-month high range. On-chain analytics revealed a significant number of MATIC whale transactions over the previous 24 hours. It's interesting to note that whale activity right now is at an eight-month high. To maximise their profits from the significant announcements, it appears that several Polygon (MATIC) whales have timed their transactions properly during the past few weeks.
A Significant Sell Off of Polygon (MATIC) in October
After Meta stated that Instagram will rely on Polygon for its first NFT marketplace, the MATIC rally grew stronger. A significant announcement involving Wall Street bank JP Morgan and Polygon was released in conjunction to this significant news. The bank claimed to have used the Polygon blockchain network to successfully complete a trade. JP Morgan used the Aave decentralised finance protocol to issue $71,000 on the Polygon Layer-2 blockchain.
The two simultaneous announcements caused $MATIC's price to skyrocket. The price of the 11th-ranked cryptocurrency by market cap increased by an astounding 21.23% during the previous week. According to price monitor CoinGabbar, the cryptocurrency's price is currently $1.1547, up over 20% in the last day. However, recent trading behaviour for MATIC reveals an intriguing sell-off trend that peaked around the second week of October.
Santiment Insights reports that the $MATIC supply on exchanges had a significant decline around October 11. It might imply that some of the Polygon (MATIC) whales knew about the significant developments before they were made public.
The sudden decline in supply seen on exchanges around October 11th shows significant accumulation during that time. Did someone make such a bold wager knowing what would transpire?
High Growth of Polygon Networks
The MATIC network is currently expanding at its greatest rate in several months. However, the current Polygon market value by realised value (MVRV) indicator may indicate that the price of $MATIC is about to decrease. Behind Bitcoin and Ethereum, the Polygon management hopes to get the cryptocurrency into the top 3. The network has already partnered with well-known organisations like NFL, Adobe, and Meta. Polygon has the potential to rank among the top cryptocurrencies in the present environment in terms of growth.