A few months at the end of 2022 brought devastating events in the crypto industry. With the collapse of the FTX crypto exchange, chaos erupted in the crypto market. Prices of almost all crypto assets took a hit. Also, a negative contagion effect is emerging in the crypto space as the number of investors who lose their funds on the platform continues to increase.
However, the beginning of this new year shows signs of a positive dawn for most crypto assets. The crypto market has started to see some green performance. For example, MATIC has shown a very good performance with a rise in the chart.
Increase Trading Volume For MATIC
Recently, crypto whales have shown more interest in MATIC due to the coin’s upward price movements this year. The 24-hour trading volume for MATIC is more than $376 million, representing a 174.80% jump and showing increased interest in the token.
An anonymous pope is reported to have transferred MATIC tokens worth approximately $8 million. The transfer is done on the Binance crypto exchange as a single transaction.
Lookonchain, an on-chain data provider, reported the transfer of the whale on its Twitter page. According to the data provider, the whale has collected Polygon tokens from different exchanges and through staking. The whale address has acquired up to 153 million MATIC tokens at an average price of $1.16
Also, on January 5, Lookonchain reporting a large MATIC transaction from another crypto whale SmartMoney. The pope is known to like buying low and selling high. SmartMoney transferred 2.12 million MATIC tokens worth approximately $1.7 million to crypto exchange Kraken.
According to data, SmartMoney bought up to 1.76 million MATIC coins from Uniswap at $0.87. The pope then sold 1.08 million tokens at $1.44.
MATIC price performance
A closer look at the price movement of MATIC revealed that the token fared positively from the last week of last year to the beginning of this year. The token has recorded $0.7727 and $0.8637 as the 7-day high and 7-day high respectively.
At the time of writing, MATIC is trading at $0.8391, representing a 7.51% increase over the past 24 hours. It has an estimated market capitalization of $7.53 billion, and is among the top 10 crypto assets per CoinMarketCap.
On January 1, 2023, MATIC opened trading at $0.7585. But before the end of the day, the price of the token rose to $0.76. The next day, MATIC started at $0.76 and ended at $0.7809. The token remained at that price level until January 5, when it reached $0.8063.
The next few days saw MATIC drop from $0.788 to $0.799. But on January 7th, it rose again to $0.80 and maintained that range until January 10th. Cover image from Pixabay, MATIC chart from Tradingview.