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As MATIC joins altcoin rally, should you expect more gains

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MATIC’s supply in profit jumped above 42%, with conditions ripe for further accumulation.

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  • Large MATIC transactions worth more than $100k and $1 million increased significantly in December.
  • MATIC’s supply in profit presented opportunities for buyers

Polygon [MATIC] made sizable gains of 7.77% in the last 24 hours of trading, joining the broader pump in the altcoin market.

At the time of publication, the crypto was exchanging hands at $0.8323, with double-digit gains of 10% over the month, AMBCrypto spotted using CoinMarketCap’s data.

Whales boost MATIC’s demand

The latest surge could be a handwork of influential whale investors. As per AMBCrypto’s analysis of Santiment’s data, large transactions worth more than $100k and $1 million increased significantly in December.

The activity particularly picked up this week, with more than 150 such transfers on the 20th of December. As evident, MATIC’s price has pushed higher since then.

Source: Santiment

Apparently, whales used these transaction to fill up their coffers. Since the beginning of December, a noticeable spike in addresses holding between 1,000 – 1 million coins was observed.

Source: Santiment

MATIC presents “opportunities”

Meanwhile, MATIC’s supply in profit jumped above 42%, with conditions ripe for further accumulation, Santiment noted in an X post.

Comparing the situation with Bitcoin [BTC], Santiment said that while the king coin’s supply in profit required caution, MATIC was “comfortably in a opportunity zone.”

Hence, there was a higher likelihood of MATIC pushing further north in the days ahead.

But for that to happen, MATIC had to break a crucial barrier. Popular technical analyst Ali Martinez noted that the crypto traversed in the $0.79-$0.84 range, in which about 39,000 addresses held over 4.24 billion coins.

Martinez said that for MATIC to make further strides, it needed to break out of this zone.

Inscriptions drive Polygon’s demand

Just like other blockchains, Polygon was riding on the inscriptions frenzy. According to a Dune dashboard scanned by AMBCrypto. about 32% of all transactions on the network in the last 24 hours were tied to inscription activity.

However, gas fees spent on inscriptions was disproportionately low as just 6.81% of the network’s total fee revenue was through inscriptions.


Read MATIC’s Price Prediction 2023-24


Driven by inscriptions, the total number of transactions settled on the network jumped exponentially over the week.

As per AMBCrypto’s examination of Artemis stats, the count spiked to its all-time high (ATH) level of 3.07 million on 20th December, during which it was the second busiest network across the industry.

Source: Artemis

 

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Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
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