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Polygon (MATIC) Price Jumps Following Unusual Whale Activity Spike

source-logo  u.today 04 October 2023 12:17, UTC

According to Santiment, the Polygon (MATIC) price has reached its highest since August following a $20.7 million whale transfer. Polygon saw an unusually large holder activity spike when a whale transferred 37 million MATIC, the largest Polygon network transfer since July.

🐳 37M $MATIC was moved from a whale PoS address to a 3 year-old wallet today, coinciding with a mild +4% price rise for the 13th market cap asset while the rest of #crypto slumps. This was the largest single transaction on the #PolygonNetwork since July. https://t.co/MKKNKDuQJU pic.twitter.com/dTI0qiB1zX

— Santiment (@santimentfeed) October 3, 2023

According to Santiment, 37 million MATIC were moved from a whale PoS address to a three-year-old wallet, coinciding with a 4% price increase for the 12th largest cryptocurrency by market cap, while the rest of the crypto market sustained losses. Santiment stated that the aforementioned transaction was the largest single transaction on the Polygon Network since July.

On-chain data from IntoTheBlock also confirms a significant increase in whale activity. Polygon is seeing a 411.7% spike in large transaction volume, with $89.45 million worth shifted.

IntoTheBlock defines large transactions as transfers of more than $100,000. Large transaction volume gives a sense of the overall amount transacted by whales and institutional players on a particular day, and a spike may indicate higher buying or selling activity.

MATIC price action

MATIC was up 3.95% in the last 24 hours to $0.592 at the time of writing. In the last seven days, the token has gained 17%. Polygon has been steadily rising since Sept. 28, when it hit support at $0.50.

Since Sept. 28, MATIC has been in the green six out of seven days in a row. The rise cleared a significant barrier at $0.544, which has hampered the MATIC price in recent weeks and culminated in today's session with highs of $0.599.

Q4 promises to be one full of activity for Polygon, given the implementation of Polygon 2.0, a set of proposed upgrades that would revolutionize the ecosystem.

In mid-September, the network officially announced the start of Polygon 2.0 implementation with the release of three Polygon Improvement Proposals (PIPs) and a Phase 0 roadmap.

The three Polygon Improvement Proposals (PIPs) that were released outlined modifications that, if approved by the community, will commence in early Q4 of this year.