In the midst of the Gemini listing, Polygon Whales Gain 32 Million MATIC; Will It Reach $1?

The well-known cryptocurrency exchange Gemini recently revealed plans to list the MATIC/GUSD perpetual contract on its non-U.S. crypto derivatives platform, generating a lot of attention throughout the world. With the exception of the United States, the United Kingdom, and the European Union, this allows customers worldwide to trade crypto derivatives seamlessly as the exchange moves forward with its journey into cryptography.

In the meantime, significant whale activity that was looming over the cryptocurrency horizon revealed skyrocketing MATIC accumulations, piqueing the interest of investors and dealers worldwide. On the other hand, MATIC’s price chart showed incredible rises, leading to more conclusions about the growing whale accumulations.

MATIC Whale Activity: Comprehensive Report

As to the information disclosed by the blockchain monitoring platform Whale Alert, two noteworthy whale accumulations emerged in the wider cryptocurrency market today, February 8. In the first transaction, 11.99 MATIC, or $9.99 million, were accumulated and sent from Coinbase Institutional to an unidentified wallet, cc00. On the other hand, the second transaction showed how an unidentified wallet amassed 20 million MATIC, or $16.66 million, from Polygon Staking.2aca.

Interestingly, Polygon’s price has recently seen a notable increase, suggesting that it may be a major element matching these whale accumulations. Furthermore, it appears that Gemini’s MATIC/GUSD perpetual contract listing has contributed to this rising trend.

Notably, Gemini now offers six perpetual contracts for trading: SOL/GUSD, BTC/GUSD, ETH/GUSD, XRP/GUSD, and others. This is because the Polygon perpetual contract was introduced to the platform’s inventory.

MATIC Cost Rises

The price of Polygon has increased by 4.52% in the last day as of the time of publication, and it is presently trading at $0.8337. Additionally, the token’s weekly and monthly charts show an 8.12 and 6.45% increase, respectively. A 10.11% increase in trade volume was also observed, hitting $284.23 million.

According to Coingape Media, renowned analyst Michael van de Poppe recently claimed that MATIC has demonstrated durability at higher temporal support levels. It looks like the token will soon rise again.

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