Polygon (MATIC) price dropped to a 2023 bottom of $0.58 on June 11 after the SEC classified it a ‘security’ in a court filing. The Polygon team now looks to migrate from MATIC to a new POL token to address regulatory concerns and expand utility. 

On June 13, 2023, the Polygon team published a new Polygon 2.0 whitepaper, proposing plans to launch a new POL token. It outlines plans to jettison MATIC for POL to optimize for broader decentralization and community governance while also improving staking and security incentives. 

MATIC price has already gained 13% since the Polygon 2.0 announcement was published on June 13. As the tokenomics modifications and discussions pan out, here’s how the Polygon MATIC to POL token transition could move the markets in the coming weeks.

MATIC Whales Have Sprung Back Into Action

Since the Polygon MATIC to POL token transition hit the newswires, whale investors have increased their trading activity. The Santiment chart below shows that a day before June 13 announcement. Polygon only recorded 61 Whale Transactions. However, at the close of June 18, it rose to 112. 

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Author: Ibrahim Ajibade

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