Polygon's MATIC Rallies Amid Heavy Whale Activity, Observers Expect 20x Bull Run

Santiment data indicates that since Dec. 16, addresses holding between 1 million and 10 million Polygon MATIC/USD witnessed an increase in MATIC tokens from 867.11 million to 990.92 million MATIC.

After such significant whale accumulation, prices of the token are likely to post a positive performance.

Polygon "is currently up against a tough supply wall, ranging from $0.79 to $0.84," a crypto analyst who goes by @ali_charts said. "In this zone, around 39,000 addresses are holding over 4.24 billion $MATIC. For #MATIC to embark on a journey to new heights, it's crucial to break through this level with conviction.”

Another crypto analyst, who goes by the pseudonym Crypto Thro, indicated that MATIC is part of her list of tokens with 20 times the potential for the next bull run.

“Grab your bags my friends,” she said, citing LINK and ATOM as the two other altcoins with 20 times potential.

Why It Matters: Today, 48.1 million MATIC was transferred from one unknown to another unknown wallet. Yesterday, Dec. 21, 28.9 million MATIC was transferred between two unknown wallets.

Lookonchain data highlighted that fresh wallets have been accumulating MATIC as a fresh wallet; "0xa813" and "0x38b3" withdrew 5 million MATIC (worth $3.13 million) from Binance.

Recent Santiment data pointed out that MATIC and LTC are sitting more comfortably in an opportunity zone. “Both Under 42% of supply in profit, leading to higher likelihood of Catch-Up To field.”

📊 $BTC's ratio of supply in profit sits at 89%, a level to be cautious with heading into the new year. Further rises are more likely when this number is more in the 40-70% range. Meanwhile, $MATIC & $LTC sit more comfortably in an opportunity zone. https://t.co/MXFBSQ0R0n pic.twitter.com/kBPTDyi9gz

— Santiment (@santimentfeed) December 21, 2023

Meanwhile, Polygon reports gas fees at a consistent under $0.10 which is highly competitive compared to other blockchain networks. Also, Polygon reports the highest number of inscriptions at 161 million which is double compared to any other major chain.

Polygon executive Sandeep Nailwal states, “Even with 18mn txns a day, the gas fees went to a maximum of $0.10 whereas on some other blockchains, it went >$400.”

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