Blockchain tracker Whale Alert has dropped a bombshell: Polygon whales, the big players on the network, have quietly piled up a whopping 32 million MATIC tokens. This sudden accumulation follows Polygon’s recent listing on the Gemini exchange, igniting speculations about a potential surge pushing MATIC to the coveted $1 mark.
Read more about the impact below.
On February 8, Whale Alert flagged a surge in MATIC accumulation orchestrated by major crypto players. Two eye-catching transactions stole the spotlight – one, a transfer of 11.99 MATIC worth $9.99 million from Coinbase Institutional to an unknown wallet (0xe510b…5afc). Simultaneously, a more significant move involved the accumulation of 20 million MATIC, totaling $16.66 million, sourced from Polygon Staking and parked in another mysterious wallet (0x98db…456f).
The intriguing part? This surge in whale activity perfectly aligns with Gemini’s listing of the MATIC/GUSD perpetual contract. The connection suggests that Gemini’s move may have fueled the momentum behind this significant accumulation.
Gemini, a major crypto exchange, made waves by adding the MATIC/GUSD perpetual contract to its international crypto derivatives platform. This move, excluding the U.S., U.K., and European Union, caught global attention, showcasing Gemini’s commitment to providing hassle-free crypto trading for users worldwide.
With the new Polygon perpetual contract, Gemini’s non-U.S. platform now offers six perpetual contracts, including SOL/GUSD, BTC/GUSD, ETH/GUSD, XRP/GUSD, and more. This expansion positions Gemini as a go-to platform for crypto trading, catering to users beyond specific regions.
As a result of these developments, Polygon’s MATIC token witnessed a significant 4.52% price jump in the last 24 hours, reaching $0.8337. Over the week and month, it marked increases of 6.45% and 8.12%, respectively. Trading volume also saw a robust spike of 10.11%, hitting $284.23 million.
As MATIC reaches a crucial juncture, traders and enthusiasts eagerly await to see if these strategic factors will drive Polygon towards the speculated $1 price mark in the coming days.
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