Polygon’s native cryptocurrency, MATIC, has seen its price skyrocket over 50% in the past 3 weeks, reaching a 4-month high of $0.84.
This surge comes amid a resurgent cryptocurrency market, driven by growing optimism around Bitcoin. However, MATIC’s price increase goes beyond overall market sentiment – data shows that whale accumulation and major partnerships have catalyzed MATIC’s breakout.
Keypoints
- MATIC price has surged over 50% in the past 3 weeks, reaching a 4-month high of $0.84
- The price increase is driven by whale accumulation, with large holders acquiring over 42 million MATIC tokens
- Polygon partners with NEAR Foundation to develop zkWasm prover to bridge Wasm chains with Ethereum
- Immutable partners with Ubisoft to explore web3 gaming, powered by Polygon
- MATIC’s market cap exceeds $7.6 billion, coming closer to re-entering the top 10 cryptocurrencies
According to analytics platform Santiment, whales holding between 100,000 to 10 million MATIC have acquired over 42 million additional tokens since late October. The buying spree saw 161 transactions of MATIC valued at over $100,000 take place in a single day, exemplifying the eagerness of major holders to stock up on MATIC. This accumulation has directly contributed to the positive price action.
Beyond whale activity, Polygon’s partnerships with leading protocols are also boosting MATIC’s prospects. Polygon has collaborated with NEAR Foundation to develop a zero-knowledge prover tailored for Wasm-based blockchains. This allows seamless bridging between Wasm chains like NEAR and Polygon’s ever-expanding ecosystem.
Zero-knowledge, meet Web Assembly.
The NEAR Foundation and @0xPolygonLabs are set to deliver the future of zero-knowledge for WASM based blockchains with zkWASM.
Empowering greater security, scalability, developer flexibility, and interoperability in the open web????
zkWASM will… https://t.co/vNtYr42I9N pic.twitter.com/D1BIztjMI9
— NEAR Protocol | NEARCON | November 7-10 | Lisbon! (@NEARProtocol) November 8, 2023
Additionally, Immutable, a leading web3 gaming platform and Polygon partner, just announced a partnership with video game giant Ubisoft. Together, they aim to push the frontiers of digital ownership and decentralization in gaming. Powered by Immutable’s integration with Polygon, this creates further upside potential for MATIC long-term.
As a result of these developments, MATIC’s market valuation has expanded to over $7.6 billion. This represents 5.4% growth in just 3 weeks, bringing MATIC tantalizingly close to reclaiming a spot in the top 10 cryptocurrencies by market cap.
Looking ahead, analysts are optimistic about MATIC sustaining its momentum. If bullish sentiment persists, MATIC could rally to $1 in the near-term before setting its sights on all-time highs above $2. For now, MATIC remains one of the hottest large-cap tokens to watch.
