Experienced crypto investors prefer an altcoin project with high-profile partnerships over SHIB, BTC or DOGE.
Altcoin whales have been chasing this coin in recent weeks
Since the evening hours of February 15, the entire cryptocurrency market has been trading in the green. Polygon (MATIC), where whale watching bots detect loaded transactions, was one of them. According to CoinMaketCap, MATIC is currently trading at $1.37 after a double-digit price increase over the past 24 hours. It has gained more than 8% at one point in the past seven days.
How does Polygon fare against its rivals?
MATIC managed to strengthen by about 1.30% against Ethereum (ETH) in the past day, but weakened by about 0.68% against Bitcoin (BTC) in the same time frame.
Also in the green zone is MATIC’s 24-hour trading volume, which is currently at $801,608,884 after gaining more than 3% since yesterday. With a market cap of $11,974,951,319, MATIC is currently the tenth largest crypto by market cap. This places it just behind Binance USD (BUSD) in ninth place and ahead of Solana (SOL) in eleventh place.
What does on-chain analytics say about MATIC?
Popular on-chain analyst Ali Martinez took to Twitter on February 15 to share some of his own observations on MATIC. According to their analysis, whales are still trending bullish on MATIC. Martinez pointed to Santiment data, which shows that major investors holding 10-100 million MATICs have purchased 55 million MATICs since Jan. The money flowing into MATIC was worth about $60 million.
In a different analysis, the on-chain analyst added that MATIC appears to be “well positioned for further benefits.” Cryptocurrency analytics platform IntoThe Block’s IOMAP shows that 19,000 addresses bought 1.16 billion MATIC at $1.21 and 47,000 addresses bought 4.72 billion at $1.03.
If these substantial demand walls hold, it could be a very good sign for MATIC and further gains can be expected. Polygon has already managed to stay on the agenda and rally in terms of price with the high-profile companies it has partnered with since last year.
Siemens – Polygon partnership moves altcoin market
Siemens, Germany’s third-largest publicly traded company, recently announced that it will issue its first digital bond on the Polygon network. About a day after the giant partnership, Square Enix, the Tokyo-based video game giant behind popular series such as Final Fantasy and Kingdom Hearts, chose the Polygon network for its new NFT collection. cryptocoin.comAs you follow, Siemens and Square Enix partnership were the latest developments in a long list of partnerships extending to giant companies such as Meta and Reddit.
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