Will Polygon’s MATIC Skyrocket to $1 After Big Buys and Gemini Listing?

The post Will Polygon’s MATIC Skyrocket to $1 After Big Buys and Gemini Listing? appeared first on Coinpedia Fintech News

A blockchain tracker Whale Alert revealed that Polygon whales, major holders on the network, have accumulated a substantial 32 million MATIC  tokens. This happened right after Polygon got listed on the Gemini exchange, sparking speculation within the crypto community about the likelihood of a price surge for MATIC, to hit the $1 mark.

Surge in Whale Activity

on February 8, Blockchain tracker Whale Alert disclosed a surge in MATIC accumulation by significant players in the crypto market. In a two noteworthy transactions, including the transfer of 11.99 MATIC valued at $9.99 million, made its way from Coinbase Institutional to an unknown wallet (0xe510b…5afc). 

Simultaneously, a more substantial transaction involved the accumulation of 20 million MATIC, totaling $16.66 million, sourced from Polygon Staking and deposited into another unidentified wallet (0x98db…456f).

Interestingly, this surge in whale activity aligns with Gemini’s listing of the MATIC/GUSD perpetual contract, suggesting that the momentum may have been further fueled by this strategic move on the popular exchange.

Gemini Announce Listing of New Pair

Earlier, Gemini, a well-known crypto exchange, made headlines with its announcement of listing the MATIC/GUSD perpetual contract on its international crypto derivatives platform.

This got a lot of attention globally and shows Gemini really wants to make it easy for people everywhere (except in the U.S., U.K., and European Union) to trade crypto derivatives hassle-free.

Now, with the new addition of the Polygon perpetual contract, Gemini’s non-U.S. platform gives users six perpetual contracts to choose from, including SOL/GUSD, BTC/GUSD, ETH/GUSD, XRP/GUSD, and more. This means there are more options for trading, making Gemini a go-to place for crypto trading beyond certain regions

MATIC Price Momentum

Due to this Polygon’s MATIC token has seen a nice 4.52% price jump in the last 24 hours, reaching $0.8337. Over the week and month, it’s gone up by 6.45% and 8.12%, respectively. Trading volume also spiked by 10.11%, hitting $284.23 million.

As MATIC approaches a critical juncture, traders and enthusiasts alike are eager to see if these factors will propel Polygon toward the speculated $1 price mark in the coming days.