• Retail investors also exhibited interest.
• Demand for MATIC was growing because of the spike in on-chain transactions.

Whale investors have set their sight on Polygon’s MATIC token. Transactions worth more than $1 million in MATIC surged significantly in November, AMBCrypto analyzed using Santiment’s data.

Such a sustained period of trading activity by large crypto whales has not been observed over the last year.

Whales create waves

The transactions were driven by accumulators, evidenced by an 18.31% rise in MATIC’s value in the last 30 days.

In fact, these influential investors bagged more than 120 million MATIC tokens in just the past week, as per popular on-chain sleuth Ali Martinez.

At MATIC’s prevailing market price of $0.7643, the purchased value was worth more than $91 million.

#Polygon | Recently, $MATIC whales have been on a buying spree, scooping up over 120 million #MATIC in the past week – that’s a hefty $90 million investment! pic.twitter.com/uqXopGoqvy

— Ali (@ali_charts) November 29, 2023

When whales make moves, they generate waves. This popular adage is often used

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Author: Aniket Verma

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