MATIC Whale Pushes Coin Value With Massive Moves

The few months toward the end of 2022 brought devastating events in the crypto industry. With the collapse of the FTX crypto exchange, chaos erupted in the crypto markets. Prices of almost all the crypto assets took a hit. Also, the negative contagion effect sprung up within the crypto space as the number of investors who lost funds on the platform kept increasing.

However, the beginning of this new year shows signs of a positive dawn for most crypto assets. The crypto market has started seeing some green performance. For instance, MATIC has shown impressive performance by soaring on the chart.

Recently, crypto whales are showing more interest in MATIC due to upward price movements in the coin this year. The 24-hour trading volume for MATIC sits at over $376 million, showing a surge of 174.80% and implying increased interest in the token.

An anonymous whale was reported to have transferred MATIC tokens worth approximately $8 million. The transfer was done on the Binance crypto exchange as a single transaction.

Lookonchain, an on-chain data provider, reported the whale’s transfer on its Twitter page. According to the data provider, the whale has been gathering Polygon tokens from different exchanges and through staking. The whale’s address has gotten up to 153 million MATIC tokens at an average price of $1.16

Also, on January 5, Lookonchain reported a huge MATIC transaction from another crypto whale SmartMoney. The whale is known to indulge in low buying and higher sales. SmartMoney moved 2.12 million  MATIC tokens worth about $1.7 million to the Kraken crypto exchange.

According to the data, SmartMoney purchased up to 1.76 million MATIC coins from Uniswap at $0.87. The whale later sold 1.08 million of the tokens at $1.44.

A closer look at the price movement of MATIC revealed the token fared positively from the last week of last year to the beginning of this year. The token has recorded $0.7727 and $0.8637 as its 7-day low and 7-day high, respectively.

At the time of writing, MATIC is trading at $0.8391, indicating a rise of 7.51% in its value over the past 24 hours. Its market cap is about $7.53 billion, and is ranked among the top 10 crypto assets per CoinMarketCap.

On January 1, 2023, MATIC opened trading at $0.7585. But before the day’s end, the token price rose to $0.76. The next day, MATIC started at $0.76 and ended at $0.7809. The token remained at that price level till January 5, when it hit $0.8063.

The next few days saw MATIC declining from $0.788 to $0.799. But on January 7, it picked up again to $0.80 and maintained that range till January 10. Cover image from Pixabay, MATIC chart from Tradingview.