Ethereum

Polygon

Rise

<p>Polygon’s native cryptocurrency continues on its unstoppable rally as the MATIC price shoots another 9% moving closer to $0.90. On the monthly chart, the MATIC price has given a major breakout from the downward trending channel while entering a major macro uptrend going ahead.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$MATIC</a></p>
 <p>Polygon is on the cusp of entering a new macro uptrend<a href="https://twitter.com/hashtag/MATIC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#MATIC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Polygon</a> <a href="https://t.co/hRKqnGBUyr" rel="noopener noreferrer nofollow">pic.twitter.com/hRKqnGBUyr</a></p>
 <p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1723803927559192678?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 12, 2023</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h3 id="institutional-participation-on-the-rise">Institutional Participation on the Rise</h3>
<p>Over the last week, the Polygon price has surged more than 27% amid the strong <a href="https://coingape.com/matic-price-hits-4-month-high-above-0-80-amid-polygon-whale-accumulation/" target="_blank" rel="noopener noreferrer nofollow">whale accumulation</a>, as MATIC joins the altcoin market rally. Over the last month, the MATIC price has gained a staggering 70%.</p>
<p>Crypto market analysis platform IntoTheBlock reports that Institutional and whale interest in the cryptocurrency sector has notably increased. Specifically, Polygon, an Ethereum scaling solution, has witnessed an extraordinary 3,800% surge in transactions exceeding $100,000 over the past 30 days.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago. <a href="https://t.co/ElM1CDZ3wA" rel="noopener noreferrer nofollow">pic.twitter.com/ElM1CDZ3wA</a></p>
 <p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1723356172760043606?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 11, 2023</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Also, in other news, the Polygon ecosystem receives positive developments as Immutable, a Web3 gaming platform, reveals a fresh partnership with Ubisoft, a prominent video game creator and publisher. This collaboration aims to create an innovative gaming experience, unlocking additional potential within the Web3 space.</p>
<h3 id="massive-polygon-matic-tokens-moving-to-coinbase">Massive Polygon (MATIC) Tokens Moving to Coinbase</h3>
<p>Whale Alert, in a series of posts on X (formerly Twitter), revealed the transfer of more than 55 million Polygon (MATIC) tokens to the Coinbase (COIN) exchange from unidentified addresses. The rapid and substantial volume of these transfers raised concerns, as such movements often suggest an intention to sell when tokens are sent from external sources to exchanges.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 19,896,435 <a href="https://twitter.com/hashtag/MATIC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#MATIC</a> (16,443,201 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Coinbase</a><a href="https://t.co/dCSA4N6H3m" rel="noopener noreferrer nofollow">https://t.co/dCSA4N6H3m</a></p>
 <p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1723625932789891124?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 12, 2023</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>However, these transactions haven’t been able to pull down the price of MATIC with the crypto price swiftly surging to $0.87 as of press time.</p>
<p>Regarding circulation, a recent on-chain analysis using Santiment data shows a notable increase in the utilization of MATIC tokens between November 5th and 9th. During this period, MATIC witnessed a price surge from $0.69 to $0.85. Contrary to tokens being introduced into the circulating supply, this uptick in usage indicated strong buying activity in the market, preventing any decline in MATIC’s value.</p>
<figure id="attachment_164258" aria-describedby="caption-attachment-164258" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-164258" src="https://coingape.com/wp-content/uploads/2023/11/Polygon-MATIC-Circulation.png" alt="" width="2560" height="867" srcset="https://coingape.com/wp-content/uploads/2023/11/Polygon-MATIC-Circulation.png 2560w, https://coingape.com/wp-content/uploads/2023/11/Polygon-MATIC-Circulation-300x102.png 300w, https://coingape.com/wp-content/uploads/2023/11/Polygon-MATIC-Circulation-1224x415.png 1224w, https://coingape.com/wp-content/uploads/2023/11/Polygon-MATIC-Circulation-768x260.png 768w, https://coingape.com/wp-content/uploads/2023/11/Polygon-MATIC-Circulation-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2023/11/Polygon-MATIC-Circulation-2048x694.png 2048w, https://coingape.com/wp-content/uploads/2023/11/Polygon-MATIC-Circulation-150x51.png 150w" sizes="(max-width: 2560px) 100vw, 2560px">
 <figcaption id="caption-attachment-164258" class="wp-caption-text">
  Courtesy: <a rel="noopener noreferrer nofollow" href="https://app.santiment.net/charts/4b1H9hKl__sCl" target="_blank">Santiment</a>
 </figcaption>
</figure>
<p>Although circulation subsequently decreased, the current count of circulating MATIC on the Polygon network has risen to 119.96 million. Given the ongoing accumulation and a potential return to November 9th circulation levels, there is speculation of <a href="https://coingape.com/markets/polygon-price-prediction-hints-rally-to-1/" target="_blank" rel="noopener noreferrer nofollow">MATIC reaching $1</a>.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/matic-price-shoots-another-9-as-polygon-enters-new-macro-uptrend/">MATIC Price Shoots Another 9% As Polygon Enters New Macro Uptrend</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.</p>

MATIC Price Shoots Another 9% As Polygon Enters New Macro Uptrend

Table of Contents

Coingape News Media

Other articles published on Nov 13, 2023

SEC Bitcoin ETF Approvals Could Arrive by January, Analysts Predict

Cardano (ADA) Paints EMA Golden Cross: Here's What It Means

What is Wrapped BTC?

Crypto.com launches new derivatives product

Binance CEO Changpeng Zhao Shares Thoughts on Bitcoin ETFs!

Top Analyst Projects Bitcoin’s Supersonic Rally to $60K, Here is How?

Join our free newsletter for daily crypto updates!