Key Points:
- MATIC is up 19.28% in the last week to $1.19, bringing the token’s gains in January 53%.
- A Polygon whale received 4 million MATIC from cryptocurrency exchange Binance for approximately $84,000, or slightly more than 2 cents per token.
Despite the positive performance of numerous cryptocurrencies this month, Polygon’s native currency is set to end January as a noticeable standout.
According to Coinmarketcap data, MATIC is up 19.28% in the last week to $1.19, bringing the token’s gains in January 53%. This comes as the value of Bitcoin and Ethereum has surged by almost 44% and 38%, respectively, in the last 30 days.
MATIC is the tenth-largest cryptocurrency by market capitalization at the time of writing, having a total value of $10.06 billion.
Polygon is a sidechain that operates alongside Ethereum and aims to outperform it by providing faster transactions and lower costs, as well as serving as a foundation for interoperable blockchains.
As the currency continues to rise in value, the pseudonymous Twitter account Lookonchain highlighted one wallet address that made significant gains with MATIC.
In September 2020, the Polygon whale received 4 million MATIC from cryptocurrency exchange Binance for approximately $84,000, or slightly more than 2 cents per token. According to Etherscan, the wallet exchanged its MATIC holdings for $5.2 million in stablecoins two days earlier.
However, the current surge is still far away from the token’s all-time high of $2.92 in December 2021. The token is still roughly 60% lower than its all-time high. The 4 million in MATIC purchased in 2020 would have been worth $11.7 million at its peak price.
MATIC’s price movement coincides with Polygon’s preparations to implement an upgrade first announced in July of last year. Polygon co-founder Sandeep Nailwal recently tweeted that the zkEVM upgrade has an official release date and will be available soon.
Polygon’s zkEVM is a scaling solution that is compatible with existing Ethereum smart contracts and employs the cryptographic method of zero-knowledge proofs to more effectively validate huge batches of transactions known as rollups.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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