MATIC Gains Over 20% As Polygon Network Records Biggest Whale Transaction Of 2023

MATIC

With the crypto market on a tremendous bullish run, several assets, especially altcoins, have been recording massive price gains. MATIC, an ERC-20 token and native cryptocurrency of the Polygon network, has been one of the tokens in the mix of this action, gaining by 49.33% since the beginning of 2023.

MATIC’s price growth has been consistent, making it one of the best-performing tokens of 2023. In the last 72 hours, data from CoinMarketCap shows that the token has rallied by 20.43%, with its market price moving from $0.93 to its current value of $1.12. 

While there are many possible explanations for this impressive price increase, Santiment, a popular on-chain analytics firm, has presented quite an interesting report. 

Via their official Twitter account, Santiment reports that on the morning of Jan. 25, just before MATIC embarked on its current price rally, the Polygon network recorded a transfer of 59 million MATIC tokens worth $56 million between two wallets, marking the crypto asset’s biggest whale transaction so far in 2023. 

MATIC

According to Santiment, this massive asset movement is the main reason why Polygon’s native coin has surged in value over the last few days.

They tweeted saying: 

On Wednesday, the largest $MATIC transfer of the year occurred just prior to this +20% pump. This address had already been holding 585k #Ethereum as well. Often times, just one or a few whale addresses is all it takes, like in this #Polygon example”. 

At the time of writing, MATIC has gone up by 2.86% in the last 24 hours, trading at $1.12, with a daily trading volume of $842.36 million. Based on more data from CoinMarketCap, the crypto token remains the 10th biggest cryptocurrency, with a total market cap of $9.75 billion. 

MATIC

MATIC trading at $1.1211 | Source: MATICUSD Chart on Tradingview.com

What Else Could Be Behind MATIC’s Price Rise?

Aside from the report from Santiment, another possible cause for MATIC’s price increase is the high level of anticipation surrounding the roll-out of the zkEVM network update.

According to a tweet by Polygon co-founder Sandeep Nailwal on January 16,  the launch of the zkEVM Mainnet is expected soon, with a date already picked – although awaiting the public announcement.

The zkEVM network update is expected to enable the Polygon network to become compatible with all smart contracts deployed on the Ethereum chain. This excites the entire Polygon community as the existing Zk-rollups in the network cannot execute some complex operations required for the efficient operations of some Ethereum-based smart contracts.

MATIC Price Prediction For 2023

According to the 2023 price predictions by DigitalCoinPrice, MATIC could trade as high as $2.46 before the year runs out, indicating a plausible 119.64% increase from its current market price. 

Bitnation, another highly-rated prediction site, is also predicting positive price growth for MATIC in 2023. Based on their price forecasts, the ERC-20 token is expected to attain a peak price of $2.02 before the end of the year. 

That said, it is worth stating that these predictions are not set in stone, and MATIC could as well have a rather turbulent year. It is advisable for investors to conduct extensive research and consult financial market experts before making any investment decision. 

Featured Image: istockphoto, chart from Tradingview.com
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Newsletter