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MATIC Price Jumps 17% — What’s Happening?

MATIC Price Jumps 17% — What's Happening?



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Yuri Molchan

MATIC price has demonstrated rise of over 17% overnight, here’s why this may be happening

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Popular analytics platform Santiment has shared in a recent Twitter post that whales have become a lot more active recently, shoveling transactions worth more than $100,000 in MATIC.

Besides, recently, Polygon blockchain was engaged by a major banking giant in the U.S. for its first DeFi transaction. The price of the coin has jumped by more than 17% in the past 24 hours.

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Image via CoinMarketCap

Whales’ transfers hit peak since February

Santiment reported that it has registered a peak of transactions carrying a $100,000+ worth of MATIC since February. Also, in the middle of October, the balance of MATIC held by whales in their wallets surged to over 10 million; this fact may have foreshadowed the peak in transactions, the analytics team of the company believes.

Overall, as for the 100 largest whales on Ethereum chain, they now hold $37,377,294 in Polygon’s native token, according to data shared by WhaleStats.

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JP Morgan picks Polygon for its first DeFi transfer

Two days ago, U.S. banking behemoth JP Morgan Chase executed its first ever DeFi transfer using the infrastructure based on Polygon chain, using a modified version of Aave token.

The transfer made by the bank was not about trading crypto; the bank was making its first attempt to explore decentralized finance. It tokenized $71,000 and traded it as an experiment for tokenized yen provided by Japan’s SBI Digital Asset Holdings. This pilot was also joined by DBS Bank Ltd., Standard Chartered Plc and HSBC Holdings Plc.

Instagram is also making a push into NFTs, using Polygon. Co-founder of the platform Sandeep Nailwal stated, in a recent tweetthat he will not rest until MATIC becomes one of the top three cryptos, sitting next to Bitcoin and Ethereum.

I will not rest till @0xPolygon gets its well deserved “Top 3” spot alongside BTC & ETH. No other project comes even close. In one day, @jpmorgan & @instagram launched with @0xPolygon





Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.

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