• About Us
  • Careers
  • Contact
No Result
View All Result
Friday, June 27, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result

Polygon’s Positive Price Trend: Mere Crypto Whale Influence OR Excitement Over the Network’s New Updates?

13 October 2023
in Markets
Reading Time: 6 mins read
109 1
Home Markets

Contents

Toggle
  • Crypto Whale Influence On MATIC’s Price 
  • A Promising Future for Polygon: Exciting Developments in Q4 2023
    • The Implementation of Polygon 2.0
    • MATIC to POL Token Migration
    • Polygon PoS Adopting Circle’s Native USDC 
  • In Conclusion

In stark contrast to the broader cryptocurrency market, which is currently in a downturn, Polygon (MATIC) has witnessed a price surge. What’s even more remarkable is that this positive momentum has been maintained in the past week. 

As of October 3, MATIC was trading at $0.5748, reflecting a 4% increase in the past 24 hours, according to data from CoinMarketCap. MATIC broke the critical $0.56 resistance level, and its trading volume has increased by 35.13%.

Polygon downtrend chart from Coinmarketcap
Source: Coinmarketcap
Polygon (MATIC) Price Surged Following Whale Activity
source: Coinmarketcap

Crypto Whale Influence On MATIC’s Price 

The token’s price hit its highest point since August after a crypto whale moved 37 million MATIC tokens (valued at approximately $20.7 million) from one wallet to another. According to Santiment, that is the biggest transfer on the Polygon network since July 2023.

🐳 37M $MATIC was moved from a whale PoS address to a 3 year-old wallet today, coinciding with a mild +4% price rise for the 13th market cap asset while the rest of #crypto slumps. This was the largest single transaction on the #PolygonNetwork since July. https://t.co/MKKNKDuQJU pic.twitter.com/dTI0qiB1zX

— Santiment (@santimentfeed) October 3, 2023

Data from IntoTheBlock’s on-chain analysis highlights an increase in the activity of Whale investors. These whale transactions on Polygon have amounted to $17.49 million, marking a 16.96% rise.

The consistent buying behaviour exhibited by these whales can propel MATIC’s price even higher. Over the past 24 hours alone, there have been more than 50 whale transactions, indicating that this bullish trend may have some staying power.

A Promising Future for Polygon: Exciting Developments in Q4 2023

MATIC current upward price trajectory can also be attributed to another thing: a bullish bet by traders on the project, particularly in light of the project’s scheduled and ongoing developments.

The Polygon development team has consistently tried to enhance its capabilities and push it to retain its position as a top-tier Layer 2 scaling protocol. The network might be on the path to gaining widespread adoption thanks to its well-defined roadmap and upcoming upgrades.

Q4 2023 is a beehive period for Polygon, with the introduction of Polygon 2.0, a set of proposed upgrades designed to revolutionize the ecosystem.

The Implementation of Polygon 2.0

Polygon 2.0 has begun its upgrade journey with Phase 0, introducing three Polygon Improvement Proposals (PIPs) set to take effect in the last quarter of 2023. 

Several changes will be implemented in the project’s Ethereum contracts as part of this upgrade. One of these changes is the introduction of the “Staking Layer” and the migration of Polygon’s public chains to utilize this new layer. This new layer is structured to incentivize validators to stay committed to their role, and thus crucial for network security.

Notably, Phase 0 of the Polygon 2.0 upgrade ensures that users and developers using Polygon PoS and Polygon zkEVM chains won’t need to take any additional actions.

MATIC to POL Token Migration

Another important milestone that would be attained during Phase 0 is a shift from MATIC to POL as the project’s token designation. This change is not in name only; POL is designed to be a next-generation token that supports staking community ownership and is adaptable for ZK-based Layer 2 chains.

Also, POL will now be the primary (gas) token for Polygon PoS. This shift from MATIC won’t affect the properties of the native token or how contracts on Polygon PoS work, but it might impact Ethereum contracts relying on MATIC from the native MATIC Bridge.

The project’s improvement proposals outline that POL allows a direct migration from MATIC while ensuring compatibility with existing systems, and it would start with the introduction of 10 billion tokens and an annual increase of 2%. These new tokens will be distributed between validator rewards and a community fund.

Polygon PoS Adopting Circle’s Native USDC 

Polygon PoS has become a prominent solution for making Ethereum faster, and it plans to strengthen its position by making a big change to how it handles non-native tokens on its platform by reducing its reliance on bridges. Circle‘s USDC is the first to benefit from this; from October 10, 2023, Polygon will support native USDC.

This move to native USDC offers some important benefits. It means that USDC from Circle will always have a dollar reserved for each token, and you can easily swap it for real US dollars. 

Circle would also update its APIs to handle native USDC on Polygon PoS, with different codes for native and bridged USDC. This change will also simplify institutions getting in and out of the Polygon PoS network using Circle Account and its tools.

In the future, Polygon PoS plans to enhance cross-chain capabilities with the Cross-Chain Transfer Protocol (CCTP), allowing for quick transfers of USDC between Polygon PoS and Ethereum, among other supported chains. The Polygon PoS community has described this as a positive step because it promises improved stability and accessibility for users. 

In Conclusion

  • MATIC’s resilience and positive momentum in the cryptocurrency market, despite the decline experienced by other tokens, is quite an exciting market phenomenon to observe. 
  • However, only time will tell whether the current upward price trajectory is just a mere result of crypto whale activities or the excitement over the new upgrades to the Polgyon network. 
  • Finally, the cryptocurrency market is highly volatile; thus, past performance is never an accurate indicator of future performance. Therefore, stay informed about new developments before you make any investment decisions.

 

Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.

If you would like to read more market analysis articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.

 

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Tags: Polygon
Share64Tweet40Share11
Previous Post

Former Alameda CEO Exposes SBF’s $150M Bribery Attempt to Free Frozen Funds in China

Next Post

Grayscale GBTC Discount Hits 22-Month Low Amid Optimism for U.S. SEC’s Bitcoin ETF Approval

Blessing Lisafi

Blessing Lisafi

Related Posts

Your Weekend Crypto Roundup | June 2025 (Week 4)
Markets

Your Weekend Crypto Roundup | June 2025 (Week 4)

27 June 2025
What South Korea’s Crypto Strategy Signals for the Next Bull Run?
Markets

What South Korea’s Crypto Strategy Signals for the Next Bull Run?

26 June 2025
Why Crypto Projects Are Choosing MiCA Over the US, Even With Regulatory Support on the Rise
Markets

Why Crypto Projects Are Choosing MiCA Over the US, Even With Regulatory Support on the Rise

26 June 2025
Tokenized Treasuries vs. Stablecoins: Where Will Institutional Capital Flow?
Markets

Tokenized Treasuries vs. Stablecoins: Where Will Institutional Capital Flow?

26 June 2025

Featured Posts

Has Web3 Failed to Protect the Core Innovations of Crypto and DeFi?

Has Web3 Failed to Protect the Core Innovations of Crypto and DeFi?

byOlajumoke Oyaleke
15 June 2025
0

Are Green Cryptocurrencies the Future of Blockchain Sustainability?

Are Green Cryptocurrencies the Future of Blockchain Sustainability?

byOlayinka Sodiq
12 June 2025
0

Web3 Gaming’s Scaling Crisis: Why Innovation Alone Isn’t Enough

Web3 Gaming’s Scaling Crisis: Why Innovation Alone Isn’t Enough

byOlayinka Sodiq
10 June 2025
0

What Is Price Slippage in Crypto & How Can You Avoid It

What Is Price Slippage in Crypto & How Can You Avoid It

byOlayinka Sodiq
4 June 2025
0

The Rise of Decentralized Identity Solutions in DeFi

The Rise of Decentralized Identity Solutions in DeFi

byOlayinka Sodiq
20 October 2024
0

Read More

Chain of Thoughts

Are Stablecoins Bank Deposits?

Are Stablecoins Bank Deposits?

byOlu Omoyele
31 May 2025
0

...

DAOs and the Coordination of Human Endeavour

DAOs and The Coordination of Human Endeavour

byOlu Omoyele
27 April 2025
0

...

Should DeFi Be Regulated?

Should DeFi Be Regulated?

byOlu Omoyele
27 March 2025
0

...

Is Tokenization All That It’s Cracked Up To Be?

Is Tokenization All That It’s Cracked Up To Be?

byOlu Omoyele
26 February 2025
0

...

Markets Update

Your Weekend Crypto Roundup | June 2025 (Week 4)

21 minutes ago

What South Korea’s Crypto Strategy Signals for the Next Bull Run?

1 day ago

Why Crypto Projects Are Choosing MiCA Over the US, Even With Regulatory Support on the Rise

1 day ago

Tokenized Treasuries vs. Stablecoins: Where Will Institutional Capital Flow?

1 day ago

Ethereum Transaction Fees Plunge to 5-Year Low Amid Network Lull: What This Means for the Crypto Market

1 day ago

First XRP ETF Approved on Toronto Stock Exchange— Is This a Green Light for XRP ETF Approvals in More Countries?

3 days ago
Read More

Events

  • No events
  • Spotlight

    All about Ethereum
    All about Algorand
    All about Bitcoin
    All about Gora

    Press Releases

    Bybit Expands Global Reach with Credit Card Crypto Purchases in 25+ Currencies and Cashback Rewards

    bychainwire
    27 June 2025
    0

    BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision and South Korea Strategy

    bychainwire
    27 June 2025
    0

    The Rise of AI Beings: CARV’s New Roadmap Signals Next Wave of Web3 AI

    bychainwire
    27 June 2025
    0

    Weed® Announces Partnership with Khalifa Kush; Launches Global Commercialization

    bychainwire
    26 June 2025
    0

    GBM Launches Auction Festival with The Sandbox, Aavegotchi, Unstoppable Domains, and More

    bychainwire
    26 June 2025
    0

    Read More

    ADVERTISING

    ABOUT

    TEAM

    CAREERS

    CONTACT

    TERMS & CONDITIONS

    PRIVACY POLICY

    © Copyright 2025 DeFi Planet

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.

    Add New Playlist

    No Result
    View All Result
    • News
      • People
      • Business
      • Crime
      • Regulation
      • Crypto
      • CBDC
    • Markets
      • Bitcoin
      • Ethereum
      • Stablecoins
      • Altcoins
      • Crypto ETFs
      • Memecoins
    • Policy
    • Articles
      • Press Releases
      • Opinion
      • Explainers
      • Guest Post
      • Sponsored
    • Directory
      • Companies
      • People
      • Products
      • Wallets
    • Multimedia
      • Videos
      • Podcasts
    • Learn
      • DeFi Basics
      • Tutorials
      • Reviews
      • Blockchain Fundamentals
    • Research
      • Case Studies
    • Explore
      • DeFi
      • Crypto Gaming
      • NFT
      • DAO
      • Metaverses
    • Jobs
    • Markets Pro
      • DeFi Planet Pro
      • Spend Crypto
      • Swap Crypto
      • Coin Prices
      • Crypto Exchanges
      • Crypto Analyzer

    © Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

    -
    00:00
    00:00

    Queue

    Update Required Flash plugin
    -
    00:00
    00:00