Native token of Layer-2 blockchain Polygon MATIC, has been one of the biggest winners of the crypto market revival that started in October. Since then, the token has seen a notable rise in price and has now reversed major altcoins to become the 11th ranked cryptocurrency by market cap.
Indeed, this rise follows increased whaling activity around the token as large-scale interest increases. Reports stated that whale transactions on the exchanges have been on an upward trend since October.
In the same vein, CoinMarketCap data also shows that the token has added significant gains to its price. Over the last 30 days, MATIC has seen a nearly 80% increase in its price. At the time of writing, the token is trading at $0.9298 each.
Due to the recent surge, the token has now equaled performances it last saw in May earlier this year. However, the current price still remains below February’s peak price of $1.5256, and the MATIC community is wondering whether the token can equal this success.
Koinfinans.com It’s worth noting that the token has likewise benefited from the Bitcoin ETF-backed rally, as we reported. Notably, the broader crypto recovery comes amid growing speculation regarding the approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission.
However, the latest rally will leave MATIC community members in high spirits as they try to erase the losses incurred in the previous months. Additionally, the token’s market cap of $8.6 billion makes it the likes of Chainlink, Toncoin, and Polkadot. altcoinHe keeps it in front of . It also maintains the possibility that the token will surpass Dogecoin and TRON at 9th and 10th.