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.
This Might Interest You: Top 10 New Promising Altcoins For 100x Profits in 2024
Strategy (NASDAQ: MSTR/STRC), the largest corporate holder of Bitcoin (BTC), has released its financial results…
Paul Atkins, the current chairman of the United States Securities and Exchange Commission (SEC), has…
XRP is showing signs of a double bottom pattern, a potential bullish signal, but bearish…
The crypto market is entering a new phase, and analyst Lark Davis has said altcoins…
Tether, the biggest stablecoin issuer, reported a record $4.9 billion profit in Q2 2025. The…
Meme coins like PENGU, BONK, FLOKI, and DOGE are showing critical technical patterns that could…
