Polygon (MATIC) Whales Anticipated Big Announcements? Here’s Proof

Polygon (MATIC) Whales News: Cryptocurrency Polygon (MATIC) is currently way above its three month high range. On chain data showed huge amount of MATIC whale transactions in the last 24 hours. Interestingly, the current whale activity is now at the eight month high level. However, it appears that certain Polygon (MATIC) whales have timed their trades well in last few weeks to maximize returns from the big announcements.

Huge Polygon (MATIC) Sell Off In October

The MATIC rally intensified after Meta said Instagram will rely on Polygon for its first NFT marketplace. In addition to this big news, another major announcement involving Wall Street bank JP Morgan and Polygon came out. The bank said it successfully executed a trade using the Polygon blockchain network. JP Morgan issued $71,000 on the Polygon Layer-2 blockchain using Aave decentralized finance protocol.

The two back to back announcements led to huge price rise for $MATIC. Over the past one week, $MATIC price rose by a staggering 22.14%. As of writing, the cryptocurrency’s price stands at $1.15, up around 20% in the last 24 hours, according to price tracker CoinMarketCap. However, trading activity for MATIC in recent times shows an interesting sell off trend around second week of October. According to Santiment Insights, there was a sharp drop in $MATIC supply on exchanges around October 11.

“The sharp drop in supply on exchanges around 11th Oct suggests large accumulation during that period. Did someone know of the events to come to make such a confident bet?”

High Polygon Network Growth

Meanwhile, MATIC is currently witnessing highest network growth in several months.