Polygon MATIC Shoots 17% As Whale Transactions Hit 8-Month High

Altcoins have been having a great time currently on Satoshi Street and this time it’s Polygon’s native crypto MATIC. In the last 24 hours, the MATIC price is up 15% moving way past $1.

As of press time, MATIC is trading at a price of $1.14 and a market cap of $9.4 billion. The latest price rally in MATIC comes as a result of the whale transactions hitting an eight-month high. Yesterday, November 3, witnessed the largest amount of single-day transactions above $100K. On-chain data provider Santiment reported:

Do you believe in $MATIC? Today marked the highest amount of $100k+ whale transactions since February for the 11th ranked market cap #crypto asset. A mid-October spike in #Polygon holdings by 10m+ $MATIC whales may have foreshadowed this.

The recent price rally in MATIC comes amid some key developments taking place around the Polygon ecosystem.

Key Developments Around Polygon

On Wednesday, November 2, Meta announced that it will bring the ability to create and sell NFTs for creators on the Instagram platform. Interestingly, Instagram will take rely on the Polygon blockchain for its first NFT marketplace plans. It means that Instagram will use the Polygon network for NFT minting activities.

Additionally, Meta has been working with a number of blockchain platforms including Ethereum and Flow. The tech giant also plans to add support for the Solana blockchain and the Phantom wallet in the future.

Another catalyst behind the MATIC price rally was that America’s largest bank JPMorgan successfully executed a trade using the Polygon blockchain network. On the Polygon Layer-2 blockchain, JPM issued 100,000 tokenized Singapore dollars (US$71,000) using Aave decentralized finance protocol.

Sandeep Nailwal, Co-founder of Polygon, said: “I will not rest until Polygon gets its well deserved ‘Top 3’ spot alongside BTC and ETH.”

Polygon is currently the 11th most valuable digital asset by market cap. But considering the developments around, it is certainly a contender for the top 3 spot.