Polygon’s native token, MATIC, has achieved a significant milestone by becoming the 11th largest cryptocurrency by market capitalization. This impressive ascent is primarily attributed to a substantial increase in its token value, driven by heightened activities from cryptocurrency whales.
MATIC’s Remarkable 30-Day Performance
According to the latest data from CoinMarketCap, MATIC has experienced a nearly 80% surge in its value over the past 30 days. This growth spurt has positioned MATIC as one of the top performers in the recent crypto market resurgence that began in October. Currently, MATIC is trading at around $0.9298, marking a notable recovery and growth phase.
Whale Activities Fueling MATIC’s Rise
The significant uptick in MATIC’s market value can be linked to increased activities by large-scale investors or ‘whales’. Reports indicate a consistent rise in whale transactions on exchanges since October, suggesting growing interest and investment in MATIC.
MATIC’s Historical Performance and Future Potential
MATIC’s current market performance mirrors its impressive run earlier in the year, around May. However, it is still trading below its peak price of $1.5256, recorded in February. This gap has left the MATIC community optimistic about the token’s potential to reach or even surpass its previous highs.
Impact of Bitcoin ETF Speculations on MATIC
MATIC’s growth is also partly influenced by the broader crypto market trends, particularly the speculations around the approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission. This broader market recovery has positively impacted various altcoins, including MATIC.
MATIC’s Market Position and Future Outlook
With a market capitalization of $8.6 billion, MATIC stands ahead of other notable altcoins like Chainlink, Toncoin, and Polkadot. Its current trajectory also positions it as a strong contender to overtake Dogecoin and TRON, which are currently ranked 9th and 10th, respectively. The MATIC community remains highly enthusiastic, looking forward to potential gains and further advancements in the token’s value.
