Analysis Markets
January 09, 2023

9 million Matic tokens were transferred to Binance – what could this mean?

The latest news involving the whale of MATIC is truly impressive. Recently, a single wallet transferred 9 million $MATIC (~$7.6M) to Binance in just two hours. This huge transaction demonstrates the massive demand for MATIC and its usage as a form of payment on the blockchain.

Matic

What’s more, the whale has also been receiving MATIC from exchanges and staking a considerable amount of the tokens. The total amount received is 153.4M MATIC, with an average price of $1.16 per coin, signaling confidence in the cryptocurrency’s value.

This news follows shortly after another important milestone for Bitcoin miners: All publicly available Bitcoin miners have been sold out. This is a huge achievement, as it signals that the demand for Bitcoin mining has increased significantly in recent months and years, likely a result of all the hype surrounding blockchain technology and cryptocurrencies.

The demand for MATIC and Bitcoin miners shows how cryptocurrency continues to be embraced by more people around the world. It is safe to say that this trend will only continue, and we can expect more whales to come up in the future.

This is great news for any investor, as the demand and interest in cryptocurrencies continue to grow at a rapid rate. As such, it might be wise to invest in MATIC or other high-potential cryptocurrencies now before their prices skyrocket even further. It could be the start of something huge.

What do technicals suggest about MATIC?

The technicals of MATIC suggest that the coin is in a bullish pattern, with an uptrend forming on its chart, making it a great coin to invest in, as its current price is likely to increase further in the future. The RSI and MACD indicators also show that MATIC’s momentum is strong and that there is room for further price appreciation.

At press time, MATIC is trading at $0.871 and is up by 3% in the past 24 hours, according to data from Coinmarketcap. The coin’s market cap is currently at $8.2 billion, making it the 10th largest cryptocurrency ever by market capitalization.

All in all, MATIC presents an exciting opportunity for investors due to its increasing demand and bullish technicals. So, if you’ve been looking for a coin to invest in, MATIC could be the one! With its strong fundamentals and attractive price-performance ratio, now might be the best time ever to get into MATIC and reap the rewards.

Source: Tradingview

The Ichimoku Cloud, which is a cloud-based analytics platform, has also provided positive sentiments toward MATIC. MATIC’s volatility levels are low, and its liquidity is high, which implies that there is plenty of buying activity surrounding the coin and that it should be able to sustain its current trend in the long term.

Investors should also keep a close eye on the news, as any major events or partnerships could cause the price of MATIC to surge further. With increasing demand and interest in MATIC and other cryptocurrencies, now is the perfect time to take advantage of potential investment opportunities.

Conclusion

MATIC is a cryptocurrency with a lot of potential. Its popularity has been increasing in recent months, and its strong fundamentals suggest that it could continue to rise in price. Additionally, the technicals of MATIC are also bullish and look promising for any investor looking to diversify their portfolio or make profits from cryptocurrencies.
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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Moses is an experienced freelance writer and analyst with a keen interest in how technology is disrupting the financial sector. He has written extensively on the subject of cryptocurrencies from an investment perspective, as well as from a technical standpoint. He has also been involved in trading cryptocurrencies for over two years.

More articles
Moses Kimathi
Moses Kimathi

Moses is an experienced freelance writer and analyst with a keen interest in how technology is disrupting the financial sector. He has written extensively on the subject of cryptocurrencies from an investment perspective, as well as from a technical standpoint. He has also been involved in trading cryptocurrencies for over two years.

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