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Evaluating Polygon (MATIC) potential amid declining whale interest

Wednesday, November 29, 2023 12:51 AM | Invezz via QuoteMedia

Evaluating Polygon (MATIC) potential amid declining whale interest

2023-11-29 00:51:24 ET

Polygon (MATIC) drew the attention of crypto players due to its partnership with leading companies, including Disney and Meta. Nonetheless, the project witnessed a substantial decline in large-scale investor interest within the last few days.

Whales dumping MATIC

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.

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.

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