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

Polygon is slowly emerging as a go-to platform to test NFT and other trades. JPMorgan conducted a fresh trade on Polygon blockchain.
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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.

Courtesy: Santiment

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.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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