reporter
Posted on:
- Large MATIC transactions worth $100,000 and $1 million or more increased significantly in December.
- MATIC’s profit supply presented an opportunity for buyers.
Polygon (MATIC) joined the wider pumping station in the altcoin market with a respectable gain of 7.77% in the last 24 hours of trading.
At the time of publication, the cryptocurrency was trading at $0.8323 and has posted a double-digit gain of 10% over the month, AMBCrypto discovered using data from CoinMarketCap.
Whales increase demand for MATIC
The recent surge could be the handiwork of influential whale investors. AMBCrypto’s analysis of Santiment data shows a significant increase in large transactions worth more than $100,000 and $1 million in December.
Activity has been particularly high this week, with more than 150 transmissions on December 20th. As you can clearly see, the price of MATIC has gone higher since then.
Source: Santiment
Clearly the whales took advantage of this deal to fill their coffers. Since the beginning of December, we have observed a noticeable surge in addresses holding between 10 and 1 million coins.
Source: Santiment
MATIC presents “opportunity”
Meanwhile, MATIC’s profit supply has surged by more than 42% and conditions are ripe for further accumulation, Santiment noted in the X post.
Comparing the situation with Bitcoin (BTC), Santiment said that while Kingcoin’s profit delivery required caution, MATIC was “comfortably in the opportunity zone.”
Therefore, it was more likely that MATIC would push further north in the coming days.
But to do that, MATIC had to break down a crucial barrier. Renowned technical analyst Ali Martinez noted that the cryptocurrency has moved in the range of $0.79 to $0.84, with more than 4.24 billion coins held in about 39,000 addresses.
Martinez said MATIC needs to move out of this area to make further progress.
The inscription promotes demand for Polygon
Like other blockchains, Polygon was riding the epitome craze. According to the Dune dashboard scanned by AMBCrypto. Approximately 32% of all transactions on the network in the last 24 hours were associated with inscription activity.
However, gas fees spent on Inscription were disproportionately low, with only 6.81% of the network’s total fee revenue coming from Inscription.
Read MATIC’s 2023-24 Price Forecast
Thanks to the inscription, the total number of transactions settled on the network increased exponentially during the week.
That number surged to an all-time high (ATH) of 3.07 million on December 20, making it the second-busiest network in the industry during that period, according to AMBCrypto’s Artemis statistics.
Source: Artemis