Polygon (MATIC) Price Hits 4-Month High Amid Whale Frenzy

Whales drive Polygon (MATIC) to a four-month high.

A narwhal in space with Polygon logos skewerd on its task.
Created by Gabor Kovacs from DailyCoin
  • MATIC has surged to a four-month high amid a blistering price run.
  • Santiment Feed has tipped increasing whale activity as a likely catalyst for the recent price surge.
  • The activity comes amid several exciting developments within the Polygon ecosystem.

MATIC, Polygon‘s native token, is enjoying a blistering price run and shows no signs of slowing down. With the price now at a four-month high, Santiment Feed has pointed to significant whale activity as a likely catalyst.

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Can MATIC maintain its momentum? 

Whales Make A Splash

On Thursday, November 9, crypto market intelligence platform Santiment Feed noted that MATIC had breached the $0.80 price level for the first time since July 2023 amid a 54% rise in its market cap in the past three weeks.

According to Santiment, MATIC’s recent run appears to have been driven by significant whale accumulation. The data suggests that whales with holdings between 100k to 10 million MATIC have accumulated 42.88 million MATIC since October 24. At the same time, the analytics platform highlighted that the network has also seen 161 transactions exceeding $100k in a single day, another four-month high.

While no specific reason was stated for the recent spike in activity, MATIC whales have several reasons to splash around as exciting developments continue to come fast and hard for the Polygon ecosystem.

POL, NEAR, and More

Within the highlighted period of increased whale activity, the Polygon network has recorded new milestones and partnerships. On October 25, contracts for POL, the token set to replace MATIC as Polygon’s ecosystem token, went live on the Ethereum mainnet, bringing the network one step closer to its vision of becoming a network of zero-knowledge-powered Layer 2 chains.

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On Wednesday, November 8, Polygon Labs announced that it was partnering with NEAR Foundation to develop a zkWASM prover for the Polygon Chain Development Kit (CDK) that will unlock a new level of Ethereum interoperability for WASM chains and also attract these chains to the Polygon ecosystem.

Amidst all these, Polygon Labs Executive Chairman Sandeep Nailwal has stoked significant excitement by teasing more announcements in the coming days. Nailwal urged followers to watch out for announcements on November 9 and 14.

At the time of writing, MATIC has not stopped its upward run, trading at $0.83, representing a 6.4% gain in the last 24 hours and an over 60% gain in the past 30 days, according to CoinGecko data.

On the Flipside

  • Other major altcoins like ETH, ADA, and SOL have also posted significant gains amid broad crypto market excitement in the past 24 hours.
  • MATIC is still 71.20% below its all-time high of $2.92.

Why This Matters

MATIC’s recent price run and high whale activity highlight the excitement surrounding recent developments within the Polygon ecosystem.

Read this to learn more about the excitement within the Polygon community:
Polygon (MATIC) Up 9% as Nailwal Teases Huge Announcements

Learn more about Polygon Labs’ recent partnership with the NEAR Foundation:
Polygon, NEAR To Open Landmark Portal to Ethereum Liquidity

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.