In the recent crypto market recovery, Polygon’s native token showed significant bullish momentum.
Polygon is a Layer2 scaling solution dedicated blockchain Network, which helps Ethereum blockchain to allow high-speed transactions at very low fees. The initial aim of the Polygon project was to provide scalability to the Leading blockchain networks but now Polygon is a big competitor to other leading crypto blockchain networks. Right now the developer team of Polygon is actively present in almost every category of the business model in crypto industry.
On 23 March, The majority of the crypto assets showed significant recovery after continue one week of a significant correction in the whole market along with the stock market.
In particular, the Matic coin, the native token of the Polygon network, showed a total of 50% recovery in the last 7 days.
Polygon (Matic) ranked in the top 100 cryptocurrencies, which saw an inflow of around $800 million on 23 June, and on the same day, it secured 25% increment in price.
On 23 June, crypto analytic platform Santiment reported that Whales showed a significant inclination toward the accumulation of Matic coins, which was at an all-time high over the last 7 weeks. Santiment noted that the “tiers of holders ranging from 10k to 10m coins held have collectively added 8.7% more to their bags in this timespan.”
It is worth noting that amid a 50% downfall in the price of Matic in recent correction but still the majority of the whales showed long-term trust in Matic coin investment.
According to the data provided by CryptoQuant, the Matic coin showed balanced increase in trade across almost every crypto exchange, which increased from 1.21 billion to 1.37 billion between May 1 and June 23.