Unlocking matic’s surge: key wallets adds 42.88 million tokens, worth $35 million

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The crypto market anticipates a bullish trend in the next few months, with the upcoming Bitcoin halving. During this period, several altcoins went on solid rallies. One such is MATIC, a Layer-2 Ethereum scaling token, which has observed a noteworthy increase in its price, surpassing the $0.80 threshold for the first time since July 2023.

Data suggest that accumulation activity has provided firm support to the bullish momentum.

  • The steady ascent of MATIC’s price, in tandem with other rallying altcoins this week, is attributed to users within the Polygon ecosystem actively accumulating the token.
  • MATIC holders seem to be steadily accumulating even as MATIC held on gains.
  • Santiment’s latest analysis reveals that key wallets holding 100K-10M MATIC have played a role in this surge by accumulating an additional 42.88 million MATIC tokens, equivalent to nearly $35 million since October 24.
  • Another factor driving MATIC’s price upward is the heightened activity on the asset’s blockchain.
  • MATIC transactions valued at $100,000 and above have reached 161, marking the highest level since July 2023. The increased whale activity, coupled with accumulation by wallet addresses, could continue to play a crucial in the upward trajectory of MATIC’s price.
  • The Polygon ecosystem is gearing up for major changes as part of its recently released Polygon 2.0 roadmap, which includes the subsequent transition of MATIC token to POL.
  • The Ethereum scaling solution migrated the POL token contract to the Ethereum network in October, setting the stage for it to replace MATIC in the future, a move that is expected to “power a vast ecosystem of zero knowledge-based layer 2 chains.”

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