Polygon (MATIC) Price News: Buoyed by the scale of web 3.0 projects it is involved in, Polygon (MATIC) certainly saw significant increase in adoption in 2022. With a total market cap of $8.07 billion, MATIC is steadily placed at rank 10 among cryptocurrencies. Meanwhile, it appears that Polygon whales are at play when MATIC price is considerably low compared to recent highs seen in November 2022. A decentralized Ethereum scaling platform, Polygon enables developers to build scalable user-friendly dApps.
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While the crypto market is yet to recover from the bloodbath of a crypto crash due to the FTX collapse, whales are accumulating the most promising tokens. Recently, reports suggested that Shiba Inu (SHIB) could already be well placed for price jump in near future. In fact, the top 500 Ethereum (ETH) whales are holding a significant share of total available supply of the memecoin. Similarly, on chain data showed a big transfer of MATIC from an unknown address. A Whale Alert on MATIC said,
“13,428,828 MATIC ($12,343,023) transferred from unknown wallet to Coinbase.”
On the other side, various factors point to a potentially high bullish momentum for MATIC price. If the strong show continues, the cryptocurrency could be well placed to breach the $1 mark soon. The cryptocurrency saw a breakout from the $0.87 barrier recently. As of writing, Polygon (MATIC) price stands at $0.9264, up 0.71% in the last 24 hours, according to price tracking platform CoinMarketCap. It remains to be seen how the cryptocurrency would fare by the end of 2022.
Also Read: Ethereum Price Sets Stage For Bullish Rally Towards $1,350
Recently, Polygon teamed up with Indian e-commerce giant Flipkart to create a research and development center.
In a major development that could pave way for further institutional adoption, Polygon recently joined hands with Wall Street bank JP Morgan. The bank executed a trade using the blockchain network.
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