Crypto Rise: Here is a cryptocurrency that is leading a new market rise
Polygon closely followed by Uniswap (UNI) and The Sandbox which gained 18% and 14% respectively.
According to CoinMarketCap statistics, MATIC’s market capitalization increased to $800 million compared to the previous day.
However, MATIC is still trading 82% below its November highs.
A huge increase for Polygon
On-chain data shows that a handful of whales have increased their holdings of MATIC tokens despite the downtrend in the cryptocurrency market. They hastened to reinforce their positions.
Polygon token holders with holdings ranging from 10,000 to 10 million coins have increased their exposure overall by 8.7% since May 9 according to Sanitation.
It is interesting that the price of MATIC fell by 50% in the same period, which indicates the fact that many many whales hope for a long-term return for MATIC.
According to data published by Crypto Quant, in the period from May 1 to June 23, the total amount of MATIC across all cryptocurrency exchanges increased from 1.21 billion to 1.37 billion.
However, it is important to note that a significant increase in such a short time can lead to profit taking and price reversal in the short term.
💎 Receive your free Crypto Watch
🔥 Receive as a bonus your free guide “Find the Future Nuggets”: Learn how to analyze cryptocurrencies like a pro, avoiding red flags and scams, to start or continue your adventure in the world of cryptocurrencies.