Polygon Whales Accumulate X Mln MATIC Amid Gemini Listing, Price To Hit $1?

In a significant gust of developments, Gemini, a renowned cryptocurrency exchange, recently announced plans to list the MATIC/GUSD perpetual contract on its non-U.S. crypto derivatives platform, nabbing significant attention globally. With this, the exchange advances further with its venture cryptographic venture, facilitating seamless crypto derivatives trading to users globally, except in the U.S., U.K., and European Union.

Meanwhile, noteworthy whale activity hovering over the crypto horizon showcased soaring MATIC accumulations, piquing crypto traders’ and investors’ interest globally. While, MATIC’s price chart illustrated phenomenal gains, birthing additional inferences for the burgeoning whale accumulations.

MATIC Whale Activity: In-Depth Report

According to the data revealed by the blockchain tracker Whale Alert, two significant whale accumulations surfaced across the broader crypto market today, February 8. The first transaction showcased an accumulation of 11.99 MATIC, worth $9.99 million, from Coinbase Institutional to an unknown wallet, …cc00. Whereas, the second transaction illustrated the accumulation of 20 million MATIC, worth $16.66 million, from Polygon Staking by an unknown wallet, …2aca.

Intriguingly, Polygon’s price appears to be a key factor mirroring these whale accumulations, marking a significant uptick recently. Also, Gemini’s MATIC/GUSD perpetual contract listing seems to have further aided this upward momentum.

Notably, with the Polygon perpetual contract added to Gemini’s inventory, the non-U.S. crypto derivatives platform now facilitates the trading of six perpetual contracts, encompassing SOL/GUSD, BTC/GUSD, ETH/GUSD, XRP/GUSD, and others.

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MATIC Price Soars

As of press time, the Polygon price jotted a 4.52% surge in the past 24 hours and is currently trading at $0.8337. Moreover, weekly and monthly charts for the token illuminate a 6.45% and 8.12 upswing, respectively. The trading volume also noted a 10.11% spring, reaching $284.23 million.

Meanwhile, a prominent analyst, Michael van de Poppe, recently stated that MATIC has shown resilience in higher timeframe support levels, as reported by Coingape Media. A rebound for the token appears imminent.

Also Read: This Indian Crypto Exchange Offers 0% TDS & No Conversion Fee

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