- POL goes live after transitioning from Polygon MATIC.
The upgrade has resulted to increased whale activity and trading volume.
As someone who has closely followed the crypto market for the past few years, I must say that the transition of MATIC to POL is an exciting development that has caught my attention. The increased whale activity and trading volume since the upgrade went live suggests that the community is eagerly embracing this change.
Following a significant delay, the anticipated transition of MATIC to POL is now active, just as the Polygon development team had envisioned. As per their announcement, it required approximately one year of collaborative deliberation within the community to upgrade POL into the native token for Polygon
Through their official page, Polygon shared the transition stating that,
” The wait is finally over: MATIC has been upgraded to POL across the Polygon network! That means every transaction that takes place on Polygon PoS, starting today, uses POL as the native gas token.”
Significantly, this update represents a technological advancement that lays the foundation for the ecosystem’s development into a unified network in the long run. In addition to its use as a gas, the token will also serve to power the grant system and community funds
Furthermore, the Polygon team has disclosed that this update is pivotal for providing security for various services including sequencing, generating ZK-proofs for Decentralized Autonomous Companies (DACs), among other functions
Previously mentioned by AMBCrypto, the update has gained significant momentum with several cryptocurrency platforms such as Binance jumping on board. Starting from September 10th, Binance plans to remove all MATIC trading pairings
What it means for MATIC/POL
In more modern terms, regarding the upgraded paraphrased asset (POL) price chart, it has shown a subdued response, approximately equal to 37.61% of its value following a 4-day span
In a parallel development, the trading volume has witnessed an exponentially rapid growth, multiplying by 928.5 times to approximately $10.2 million. Moreover, the cryptocurrency’s market capitalization has also experienced an increase, as reported by CoinMarketCap
Significantly, a significant reason for the rise in POL/MATIC tokens can be attributed to heightened whale transactions. According to Whale Alert, approximately $608.7 million worth of Matic tokens were moved from Bitvavo to an unidentified wallet
These large transactions significantly boosted the trading activity of the altcoin, as it strives to solidify its position in the upgraded ecosystem
Moreover, as per Coinglass data, there’s a high demand for holding long positions in MATIC, evident through a positive OI-weighted funding rate. This indicates that investors foresee a bright future for this altcoin and are placing bets on potential price increases
Consequently, since MATIC moves towards POL, we’re witnessing a surge in trading activity and whale involvement. Given that whales tend to buy when active, this could potentially boost prices due to heightened demand
As a crypto investor, I’m optimistic that with favorable market conditions, Polygon (POL) will make another attempt to surpass its previous resistance level at $0.39 in the short term. It’s crucial to keep an eye on how POL reacts to the upcoming upgrade, as the markets will closely watch this response to gauge potential future movements
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2024-09-05 16:08