Polygon MATIC Surges 17% As Whale Transactions Highest In The Past Eight Months

Polygon MATIC is slowly evolving as a platform to test NFT and other trades. Altcoins have been having a gala time and the latest to win the laurels is Polygon’s native crypto, MATIC. In the last 24 hours, the MATIC price is up 15%, moving way past $1.

As of press time, Polygon MATIC was changing hands at $1.15, up by 23.86%. MATIC had reached a 24 hrs. high of $1.17 and a low of $0.9267. The altcoin had a market cap of Market Cap $10,044,746,627, up 23.47%, and a circulating volume of Market Cap $10,044,746,627, up 23.47% in the last 24 hrs.

The Polygon MATIC surge is also a result of substantial whale activities. As per On-chain data provider Santiment, November 3 saw the most significant single transactions, which amounted to a whopping $100K.

Santiment reported:

Do you believe in $MATIC? Today marked the highest amount of $100k+ whale transactions since February for the 11th ranked market cap #crypto asset. A mid-October spike in #Polygon holdings by 10m+ $MATIC whales may have foreshadowed this.

However, the Matic Boom comes in the background of several important happenings which are taking place in the Polygon Ecosystem.

Key Developments Around Polygon Matic

On November 2, Meta announced that it would enable the creation and trade of NFTs on its Instagram platform. Instagram will rely entirely upon the Polygon blockchain for its first NFT marketplace plans. In other words, Instagram will use the Polygon network for NFT minting activities.

On Wednesday, November 2, Meta announced that it would bring the ability to create and sell creators on the Instagram platform. It means that Instagram will use the Polygon blockchain platform. Meta is also working with other platforms, including Ethereum and Flow, and future integration with Solana blockchain and the Phantom wallet.

The Polygon MATIC rally can also be credited to JPMorgan successfully executing a trade using the Polygon blockchain network. JPMorgan had employed the Polygon Layer-2 blockchain to issue 100,000 tokenized Singapore dollars (US$71,000) using Aave decentralized finance protocol.