MATIC, the native token of the Polygon network, has caught the eye recently with a massive price surge supported by large investors.
After a period of relatively quiet price action, Polygon’s MATIC token is on the move. The cryptocurrency traded near a five-month high of $0.82 in the hours leading up to press time. This marked the highest level recorded since mid-July.
Per data from analytics platform Santiment, Polygon’s recent price surge has been largely buoyed by increased accumulation and activity by large investors.
As the asset’s price surged 54% in the past three weeks, Polygon wallet addresses holding between 100,000 to 10 million MATIC coins accumulated an additional 42.88 million (worth approximately $35 million at today’s prices).
Additionally, the Polygon network has seen an increase in whale activity. Santiment’s data shows that over 161 transactions worth $100k and above I’m MATIC occurred within the period under consideration. That figure represents the highest the network has seen since July, when MATIC traded around the same $0.82 price.
Network Activity and Broader Market Recovery Further Boosts MATIC
The Polygon (MATIC) price growth coincides with increased network activity and a broader crypto market recovery that has positively affected major altcoins.
As reported by The Crypto Basic, the Polygon network recently saw an uptick in active addresses and NFT trading volume. Similarly, the cryptocurrency market has recovered since the start of the year’s quarter, adding over $300 billion in capitalization.
The start of November brought even more momentum, with all major altcoins seeing returns within the double-digit range. XRP, Solana (SOL), Cardano (ADA), Chainlink (LINK), and Toncoin (TON) are seeing seven-day gains ranging from 9% to 22%.
Meanwhile, Polygon (MATIC) faces an uphill task to break back into the top ten largest cryptocurrencies by market capitalization. Ranked 13th, MATIC’s $7.6 billion market cap at press time significantly trails 10th-placed Tron (TRX), which has an $8.8 billion valuation.