Evaluating Polygon (MATIC) potential amid declining whale interest

November 29, 2023 04:51 PM AEDT | By Invezz

Evaluating Polygon (MATIC) potential amid declining whale interest — Image source: Invezz

Whales dumping MATIC

2 wallets(receiving $MATIC from #Polygon Ecosystem Growth) deposited 20M $MATIC($14.86M) to #Binance 7 hours ago.

The #Polygon Ecosystem Growth wallet transferred 217M $MATIC($162M) to 70 wallets at the price high on Nov 15.

After that, the price of $MATIC dropped ~22%. pic.twitter.com/Jj4JDZnSZQ
— Lookonchain (@lookonchain) November 28, 2023

Lookonchain revealed that two addresses that received MATIC coins from Polygon Ecosystem Growth (PEG) transferred 20 million assets to Binance. Moreover, the PEG wallet deposited 217 million MATICs to seventy addresses on 15 November.

Consequently, MATIC’s price plummeted by approximately 22%. The altcoin battled to recover during this publication. It surged 2.55% in the last 24 hours to hover at $0.7528.

The substantial whale transfers to top exchanges might lead to surged transactions. The notable MATIC movement indicates strategic actions within the blockchain.

Nonetheless, transfer by large wallets could yield further skepticism. MATIC enthusiasts should remain alert as whale transactions could impact price dynamics (in the near term).

Meanwhile, the MVRV ratio declines alongside MATIC’s price, suggesting reduced profitable holders. While this could be negative for MATIC HODLers, lack of profits could be lucrative for MATIC prices as investors could refrain from selling their holdings.

Noteworthy developments to keep MATIC afloat

New upgrades within the Polygon network could prevent continued downsides for MATIC prices. The blockchain’s ongoing updates, including zkEVM core components modification, will likely influence the token’s price actions.

Polygon is undergoing updates and upgrades that could influence its price movements. These changes include improvements to core components like the zkEVM bridge and infrastructure, as well as Websockets and various bug fixes. Such updates are critical for developers who need to…
— AXΞLIS (@axel_yoh) November 29, 2023

Also, the changes include bug fixes and enhancing Websockets. These updates remain crucial as they alleviate compatibility issues for developers interacting with the network’s upgraded components.

Further, Polygon sees increased adoption. Switzerland’s city of Lugano integrated Polygon amid its web3 push. Such developments position MATIC for impressive long-term growth.

The post Evaluating Polygon (MATIC) potential amid declining whale interest appeared first on Invezz

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.