Polygon Whales Make Big Moves: Whale Alert, a tool that tracks blockchain activity, revealed some surprising news: Large investors on the Polygon network have quietly gathered a huge amount of 32 million MATIC tokens. This sudden increase comes after Polygon was listed on the Gemini exchange, leading to speculation that the price of MATIC could reach $1.
The MATIC Accumulation Spree
On February 8, Whale Alert noticed that a lot more MATIC (a cryptocurrency) was being gathered by big crypto players. Two big transactions stood out: one was a transfer of 11.99 MATIC worth $9.99 million from Coinbase Institutional to a wallet (0xe510b…5afc) whose owner is unknown. At the same time, there was an even bigger move where 20 million MATIC, totaling $16.66 million, was gathered from Polygon Staking and put into another mysterious wallet (0x98db…456f).
What’s interesting? More whales are showing up around the same time Gemini started offering the MATIC/GUSD perpetual contract. This connection suggests that Gemini’s action might have caused a big increase in trading.
Gemini’s Global Crypto Splash
Gemini, a big crypto trading site, got noticed for adding the MATIC/GUSD contract to its global crypto trading options. This decision got a lot of attention around the world, showing how Gemini aims to make crypto trading easy for users everywhere, except in the U.S., U.K., and European Union.
Gemini’s international platform now has six ongoing contracts, like SOL/GUSD, BTC/GUSD, ETH/GUSD, XRP/GUSD, and others, with their new Polygon contract. This makes Gemini a popular choice for trading crypto, serving users from various places.
MATIC Price Momentum
Because of these changes, the price of Polygon’s MATIC token went up by 4.52% in the last day, reaching $0.8337. Throughout the week and month, it increased by 6.45% and 8.12%, respectively. The amount of trading also surged by 10.11%, reaching $284.23 million.
As MATIC approaches an important point, traders and fans are excited to see if certain important factors will push Polygon’s price to $1 in the next few days.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.