The crypto market anticipates a bullish trend in the next few months, with the upcoming Bitcoin halving. During this period, several altcoins went on solid rallies. One such is MATIC, a Layer-2 Ethereum scaling token, which has observed a noteworthy increase in its price, surpassing the $0.80 threshold for the first time since July 2023.
Data suggest that accumulation activity has provided firm support to the bullish momentum.
The steady ascent of MATIC’s price, in tandem with other rallying altcoins this week, is attributed to users within the Polygon ecosystem actively accumulating the token.
MATIC holders seem to be steadily accumulating even as MATIC held on gains.
Santiment’s latest analysis reveals that key wallets holding 100K-10M MATIC have played a role in this surge by accumulating an additional 42.88 million MATIC tokens, equivalent to nearly $35 million since October 24.
With #altcoin milestones continuing to fire off, #Polygon has steadily risen back to $0.80 and increased its market cap by +54% in just 3 weeks. And in the past 2 weeks, the key wallets holding 100K-10M $MATIC have supported this rise by accumulating. https://t.co/i7lMmBgRbX pic.twitter.com/dWGXJ8CzOK
— Santiment (@santimentfeed) November 9, 2023
Another factor driving MATIC’s price upward is the heightened activity on the asset’s blockchain.
MATIC transactions valued at $100,000 and above have reached 161, marking the highest level since July 2023. The increased whale activity, coupled with accumulation by wallet addresses, could continue to play a crucial in the upward trajectory of MATIC’s price.
The Polygon ecosystem is gearing up for major changes as part of its recently released Polygon 2.0 roadmap, which includes the subsequent transition of MATIC token to POL.
The Ethereum scaling solution migrated the POL token contract to the Ethereum network in October, setting the stage for it to replace MATIC in the future, a move that is expected to “power a vast ecosystem of zero knowledge-based layer 2 chains.”
The post Unlocking MATIC’s Surge: Key Wallets Adds 42.88 Million Tokens, Worth $35 Million appeared first on CryptoPotato.
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