The Polygon network continues to stand out in the altcoin market, having witnessed significant developments recently. This has also led to significant pricing of the Polygon network’s native token, MATIC.
Polygon has become the blockchain network that has turned its attention after Instagram’s NFT marketplace announcement this week. In addition to this development, JPMorgan made the first cross-border transfer in DeFi using the Polygon network as part of Singapore’s Guardian project. In light of these important developments, the MATIC token, after opening at $ 0.87 yesterday, rose to the limit of $ 1.16 today, recording a significant increase in value by over 30%. MATIC also managed to break $1, the psychological resistance price, with this bounce.
Recent developments have been priced in, especially by large investors. Crypto analytics platform Santiment has also recently highlighted the increase in major investor activity in the MATIC market. The analytics platform reported that since February, wallets holding over $100,000 MATIC have reached their peak. It was seen that large investor wallets, which peaked in the first half of October, held over 10 million MATICs. In addition to these developments, last month Polygon made a significant improvement in the number of unique addresses, surpassing Ethereum.
“Do you believe in $MATIC? Today marked the highest amount of $100k+ whale transactions since February for the 11th ranked market cap #crypto asset. A mid-October spike in #Polygon holdings by 10m+ $MATIC whales may have foreshadowed this.”