Polygon Whale’s 7.5M MATIC Move Powers Up Polygon’s $1 Quest

Waking the giants: MATIC whale’s 7.5M shuffle to fuel Polygon’s $1 quest?

Whales gathering at Polygon MATIC.
Created by Kornelija Poderskytė from DailyCoin
  • Polygon Layer-2’s native MATIC hasn’t touched $1 in half a year.
  • Crypto Whale sends over $6 million to the Polygon Staking service.
  • Polygon PoS enjoys a rise in NFT sales and an all-round DeFi surge.

Polygon’s Proof of Stake (PoS) blockchain upholds its ascending trajectory for the second consecutive month. While much of this success can be attributed to Polygon’s recent network upgrades, MATIC whales have constantly made huge moves in the crypto markets, affecting Polygon’s price.

This time, one massive Polygon whale transferred 7,543,889 $MATIC tokens to Polygon Staking, a platform to earn yield on Polygon’s Layer-2 network by becoming a validator. While some heavy crypto whale movements on-chain are ambiguous in their intent, today’s 7,543,889 $MATIC shuffle to Polygon Staking affirms the bullish sentiment for the PoS chain.

Big Splash: Whales Amplifying Polygon’s $1 Mission

According to the Polygon Staking homepage, 12% of all Polygon (MATIC) tokens are now in staking vaults, enabling validators to set their own commissions on the Proof of Stake (PoS) blockchain. On top of that, the soaring trading activity pushed Polygon’s blockchain to record heights, with an average of 10 million transactions per day since last week.

Meanwhile, Polygon’s innovative zero knowledge scaling solution (zkEVM) also made it to the spotlight, recording a three-month high in transactions with over $100,000. Additionally, Polygon’s Layer-2 chain is becoming trendy among gamers, with an 80% increase in gaming addresses. 

However, MATIC was rejected at the $0.95 resistance on November 15 and has yet to gear up for another retest. At press time, MATIC trades at $0.834 with a 5% increase in the last 24 hours, according to CoinGecko

While the last two months have brought MATIC closer to the $1 goal, the intense duel between bears and bulls will likely continue. The last time MATIC topped $1 was May 4, 2023, but the half-year hiatus from this price range will likely come to a close if Polygon’s trading volume continues to outperform main competitors.

Finally, another game-changing factor could be the three upcoming major announcements by Polygon’s CEO, Sandeep Nailwal, on December 7 and 14.

On the Flipside

  • The U.S. Securities and Exchange Commission (SEC) recently labeled Polygon (MATIC) an ‘Unregistered security’ along with 15 other popular alternative cryptocurrencies.
  • Even though this added regulatory scrutiny for Polygon’s L2 and its native token, $MATIC recovered from the 8% slide down following the SEC’s complaint against Kraken.

Why This Matters

Polygon’s Layer-2 technology aims to onboard more builders and traders onto crypto by widening Ethereum’s scaling possibilities.

Read DailyCoin’s trending crypto news:
Nubank Taps Talos to Cut Crypto Trading Costs in Brazil
Bitcoin Flirts With $44K as Bulls Bet on $48K Year-End Price

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.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.