- Large MATIC transactions worth more than $100k and $1 million increased significantly in December.
- MATIC's supply in profit presented opportunities for buyers
Polygon [MATIC] made sizable gains of 7.77% in the last 24 hours of trading, joining the broader pump in the altcoin market.
At the time of publication, the crypto was exchanging hands at $0.8323, with double-digit gains of 10% over the month, AMBCrypto spotted using CoinMarketCap's data.
Whales boost MATIC's demand
The latest surge could be a handwork of influential whale investors. As per AMBCrypto's analysis of Santiment's data, large transactions worth more than $100k and $1 million increased significantly in December.
The activity particularly picked up this week, with more than 150 such transfers on the 20th of December. As evident, MATIC's price has pushed higher since then.
Source: Santiment
Apparently, whales used these transaction to fill up their coffers. Since the beginning of December, a noticeable spike in addresses holding between 1,000 – 1 million coins was observed.
Source: Santiment
MATIC presents "opportunities"
Meanwhile, MATIC's supply in profit jumped above 42%, with conditions ripe for further accumulation, Santiment noted in an X post.
Comparing the situation with Bitcoin [BTC], Santiment said that while the king coin's supply in profit required caution, MATIC was "comfortably in a opportunity zone."
Hence, there was a higher likelihood of MATIC pushing further north in the days ahead.
But for that to happen, MATIC had to break a crucial barrier. Popular technical analyst Ali Martinez noted that the crypto traversed in the $0.79-$0.84 range, in which about 39,000 addresses held over 4.24 billion coins.
Martinez said that for MATIC to make further strides, it needed to break out of this zone.
Inscriptions drive Polygon's demand
Just like other blockchains, Polygon was riding on the inscriptions frenzy. According to a Dune dashboard scanned by AMBCrypto. about 32% of all transactions on the network in the last 24 hours were tied to inscription activity.
However, gas fees spent on inscriptions was disproportionately low as just 6.81% of the network's total fee revenue was through inscriptions.
Read MATIC's Price Prediction 2023-24
Driven by inscriptions, the total number of transactions settled on the network jumped exponentially over the week.
As per AMBCrypto's examination of Artemis stats, the count spiked to its all-time high (ATH) level of 3.07 million on 20th December, during which it was the second busiest network across the industry.
Source: Artemis
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