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<a href="https://bitcoinworld.co.in/mysterious-wallet-transfers-18-million-matic-to-coinbase-whats-going-on/" title="Mysterious Wallet Transfers 18 Million MATIC To Coinbase – What’s Going On?" rel="noopener noreferrer nofollow"></a>
In a crypto twist that sent shockwaves through the digital environment, a mysterious wallet emerged from the shadows and masterminded a massive transfer of 17,895,970 MATIC—which equates to a stunning $14.7 million—directly into Coinbase.
Because of the huge increase in transaction volume, the MATIC price has risen beyond $0.80 for the first time since July. MATIC’s market capitalization has climbed by 62% in the last four weeks as a result of increasing turnover and acquisition by whales.
<h3 id="span-style-font-weight-400-matic-mysterious-financial-maneuver-unveiled-span">MATIC Mysterious Financial Maneuver Unveiled</h3>
The cryptocurrency world observed Polygon’s MATIC token begin a bullish ride during this perplexing financial maneuver. As MATIC surged above the $0.75 resistance level, it was met with a powerful hurdle at the $0.89 support.
MATIC was trading at $0.88 at the time of writing, up 8.5% in the last 24 hours and 27% in the last seven days, according to Coinstats.
<figure id="attachment_55122" aria-describedby="caption-attachment-55122" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-55122" src="https://bitcoinworld.co.in/wp-content/uploads/MATIC-Price-Chart-1-440x300.png" alt="" width="507" height="346" srcset="https://bitcoinworld.co.in/wp-content/uploads/MATIC-Price-Chart-1-440x300.png 440w, https://bitcoinworld.co.in/wp-content/uploads/MATIC-Price-Chart-1-733x500.png 733w, https://bitcoinworld.co.in/wp-content/uploads/MATIC-Price-Chart-1.png 768w" sizes="(max-width: 507px) 100vw, 507px">
 <figcaption id="caption-attachment-55122" class="wp-caption-text">
 MATIC Price Chart | Source: <a href="https://coinstats.app/coins/matic-network/" rel="noopener noreferrer nofollow">Coinstats</a>
 </figcaption>
</figure>
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The current gain in value coincides with a rejuvenated cryptocurrency industry, fueled by a growing sense of confidence in Bitcoin.
However, the price increase in MATIC cannot be attributable solely to market sentiment. Empirical evidence suggests that the accumulation of large investors and important collaborations was critical in propelling MATIC’s breakout.
Read Also: <a class="row-title" href="https://bitcoinworld.co.in/matic-propels-over-0-75-is-1-possible/" aria-label="“MATIC Propels Over $0.75, Is $1 Possible?” (Edit)" rel="noopener noreferrer nofollow">MATIC Propels Over $0.75, Is $1 Possible?</a>
“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. pic.twitter.com/ElM1CDZ3wA”&nbsp; &nbsp; — IntoTheBlock (@intotheblock) November 11, 2023
According to IntoTheBlock, an on-chain analytics firm, institutional and whale demand for cryptocurrencies has surged dramatically. According to Polygon, an Ethereum scaling solution, the number of transactions involving more than $100,000 has surged by 3,800% in the last 30 days.
According to statistics given by the analytics platform Santiment, large-scale investors, often known as whales, with holdings ranging from 100,000 to 10 million MATIC tokens, amassed an additional 42 million tokens during the latter part of October.
<h3 id="span-style-font-weight-400-strong-buying-activity-span">Strong Buying Activity</h3>
In a 24-hour period, a total of 161 MATIC transactions were completed, each worth more than $100,000. This large buying activity demonstrates important stakeholders’ strong desire to accumulate MATIC shares. The accumulation of assets has had a direct impact on the upward price movement.
<h3 id="span-style-font-weight-400-increased-whale-appetite-span">Increased Whale Appetite</h3>
Meanwhile, Coinbase has received over 55 million Polygon [MATIC] tokens, according to three different posts made by <a href="https://bitcoinworld.co.in/whale-accumulation-behind-matic-rise-above-0-80/" rel="noopener noreferrer nofollow">Whale</a> Alert on <a href="https://x.com/whale_alert/status/1723625932789891124?s=20" rel="noopener noreferrer nofollow">X</a> (previously Twitter).
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <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>
 — 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>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <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;"> 17,655,976 <a href="https://twitter.com/hashtag/MATIC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#MATIC</a> (14,591,597 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/SlO3MwhixI" rel="noopener noreferrer nofollow">https://t.co/SlO3MwhixI</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1723625927781785832?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 12, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <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;"> 17,895,970 <a href="https://twitter.com/hashtag/MATIC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#MATIC</a> (14,789,937 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/rDG2yMNovd" rel="noopener noreferrer nofollow">https://t.co/rDG2yMNovd</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1723625924220899542?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 12, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The transfers were coming from unidentified addresses, according to the whale tracking handle.
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>
The post <a href="https://bitcoinworld.co.in/mysterious-wallet-transfers-18-million-matic-to-coinbase-whats-going-on/" rel="noopener noreferrer nofollow">Mysterious Wallet Transfers 18 Million MATIC To Coinbase – What’s Going On?</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Mysterious Wallet Transfers 18 Million MATIC To Coinbase – What’s Going On?

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