The pressure on Polygon (MATIC) may be getting to it; given that the majority of cryptocurrencies are now seeing a sharp decline in value, the token may soon shift course. This is due to the fact that MATIC is now embracing a unique yet powerful catalyst that might perhaps assist spark more accumulation in the near future.
The enormous increase in major transactions involving the MATIC token over the past week has been highlighted by data from the cryptocurrency monitoring portal IntoTheBlock (ITB). This data shows that the growth of the whale transaction has increased by 16.96% to $17.49 million.
According to the ITB definition, whale transactions include MATIC transactions with a value of $100,000 or more. These whales’ continued accumulating of MATIC might eventually lead to a massive price flippening.
In the last 24 hours, which witnessed more than 50 such transactions, the whale trades gained fresh pace, as recorded by the analytics service provider. The notion that this tendency could finally be here to stay is strengthened by this revival. Along with this increase in whales, the data also shows a 459% increase in exchange net flows, making MATIC the highest token for this statistic among the top 10 digital currencies examined.
Banking on sustained fundamentals
The best-performing tokens in the market have been keeping an eye on Polygon for a while. While its development has mostly followed the general market trend, Polygon Labs has maintained its focus on creating novel, cutting-edge solutions that can promote the adoption of the protocol and its token.
From the announcement of the Polygon 2.0 release plan, which includes a rebranding of MATIC tokens to POL tokens, Polygon has stepped up its integrations while maintaining its position as one of the top scaling solutions on the Ethereum blockchain network.
Despite the current market’s negative onslaught, the coin is presently trading at a price of $0.5626, up 0.55% over the previous 24 hours.
