Polygon, the Ethereum scaling solution, has seen its native token MATIC pump 54% in market capitalization over the past 3 weeks. The price of MATIC has steadily risen from around $0.50 back to the $0.80 level during this period.
According to on-chain analytics firm Santiment, this price increase has been supported by significant whale accumulation of the token. Wallets holding between 100,000 to 10 million MATIC have been scooping up the asset over the past two weeks.
Source: Santiment – Start using it today
Polygon aims to improve Ethereum’s transaction speeds and reduce fees via an interconnected network of sidechains. The protocol has proven popular, now processing over 2 million transactions per day. The utility and adoption Polygon enables continues driving demand for its MATIC token.
Whales Keep Pushing Price Up
The broader cryptocurrency market recovery in the recent weeks has also provided tailwinds. But MATIC’s outperformance with a 54% market cap expansion in just a few weeks points to strong fundamental drivers. Whales spotting this potential appear keen to accumulate MATIC. Their significant purchases have helped sustain the price uptrend amid overall volatility.
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Now with signs of recovery emerging, MATIC seems poised to capitalize. Its discounted prices in recent months gave whales an opportunity to stock up. With whale wallets still actively buying up available MATIC, supply dynamics support the ongoing rally.
Polygon’s strong real-world usage also gives MATIC tangible value drivers. Its maturing ecosystem makes this altcoin one of the top contenders to sustain momentum if the bull market endures.
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