Assessing reasons behind MATIC’s unprecedented spike in its value

Assessing reasons behind MATIC’s unprecedented spike in its value

February 17, 2023

By Suzuki Shillsalot

Read Polygon (MATIC) Price Prediction 2023-24

MATIC whale supply distribution has risen to 11% in February.

30-day MVRV reflects profits as active addresses decline.

Recently, there has been a rise in the price of Polygon [MATIC], and this increase appears to have been caused by the activity of some whale addresses.

What are some of the likely reasons behind the actions of these whales, and how could the price of MATIC be further impacted by their actions?

MATIC large holders continue accumulation

When analyzing Polygon (MATIC) on-chain data, it could be seen that institutional investors have been buying more of the token as of late.

Per Alicharts, investors holding between 10 and 100 million MATIC have purchased 55 million more for almost $60 million. Santiment’s graph likewise shows an increase in the token’s circulation inside that price band.