Altcoins are having a great time right now on Satoshi Street, and this time it’s Polygon MATIC, which is up 15% in the last 24 hours and is now well past $1.
MATIC is currently trading at $1.14 with a market cap of $9.4 billion as of press time. The latest price increase in MATIC is the result of whale transactions reaching an eight-month high.
Yesterday, November 3, saw the highest number of single-day transactions exceeding $100,000. Santiment, an on-chain data provider, reported:
“Do you believe in $MATIC? Today marked the highest amount of $100k+ whale transactions for the 11th ranked market cap #crypto asset since February, possibly foreshadowed by a mid-October spike in #Polygon holdings by 10m+ $MATIC whales.”
The recent price increase in MATIC coincides with some significant developments in the Polygon ecosystem.
On Wednesday, November 2, Meta announced that creators on the Instagram platform will be able to create and sell NFTs.
Interestingly, Instagram’s first NFT marketplace plans will rely on the Polygon blockchain. It means that Instagram will use the Polygon network to mint NFTs.
Meta has also collaborated with a number of blockchain platforms, including Ethereum and Flow. In the future, the tech behemoth intends to add support for the Solana blockchain and the Phantom wallet.
Another driver of the MATIC price increase was the successful execution of a trade on the Polygon blockchain network by America’s largest bank, JPMorgan.
JPM used the Aave decentralized finance protocol to issue 100,000 tokenized Singapore dollars (US$71,000) on the Polygon Layer-2 blockchain.
“I will not rest until Polygon gets its well-deserved ‘Top 3’ spot alongside BTC and ETH,” said Sandeep Nailwal, Co-founder of Polygon.
Polygon is currently the 11th most valuable digital asset in terms of market capitalization. However, given recent developments, it is unquestionably a contender for the top three spots.
