"Can the purchase of these whales push the price higher?"
Unbeknownst to them, the Polygon (MATIC) cryptocurrency whales are in the process of making a massive purchase where they have acquired 120 million MATIC worth over $90 million while the price is at $0.754.
The accumulation by the whales has occurred as investors turn their attention to new layer-2 players such as Blast.
Through observation, the number of whales collected is the largest ever recorded since November 14, 2023 and this demonstrates a continuing trend in the MATIC ecosystem.
This is because MATIC is expanding its influence as a viable layer-2 protocol especially for the gaming ecosystem and its team that signed agreements with industry players has shown its willingness to accept innovation.
MATIC has also attracted the attention of top trading platforms in the past few weeks, where Binance gave its support for Circle's stablecoin called USD Coin (USDC) on the layer-2 network which eventually brought more users to the MATIC protocol.
Not only that, MATIC announcing the upgrade of zkEVM to complete the launch of the POL smart contract on the Ethereum (ETH) mainnet is also one of the reasons why whales are flocking to buy large amounts of the digital asset.
If the gathering of whales continues, it could trigger positive sentiment that may further reduce the circulating supply of MATIC and push the demand followed by the price to higher levels.
As of this writing, MATIC price has risen by 1.13% to $0.759 in the last 24 hours with a market capitalization of $7 billion but is still down 2.40% over the last week.
