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MATIC Price Declines, and Here's What Might Stop It per WhaleStats Data

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Thu, 02/17/2022 - 13:37
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Tomiwabold Olajide
MATIC price is experiencing dip like rest of market
MATIC Price Declines, and Here's What Might Stop It per WhaleStats Data
Cover image via stock.adobe.com

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As per WhaleStats data, MATIC is one of the top 10 purchased tokens in the last 24 hours as the crypto market dips. The market is experiencing a slight dip in the last 24 hours as investors weigh the possibility of a March rate hike after Wednesday's FOMC minutes. The MATIC price is experiencing a dip like the rest of the market.

WhaleStats
Top Ten Purchased Tokens, Courtesy: WhaleStats

In the last 48 hours, MATIC has seen significant buying from whales. The most recent was that of an Ethereum whale ranking the fourth largest among the 1000 wallets tracked by WhaleStats, acquiring 750,000 MATIC tokens, or $1,342,500 worth.

Whale activity has been linked to a significant impact on cryptocurrency markets, including digital asset prices and market capitalization. When a large buy order is placed, the price of a particular cryptocurrency might skyrocket because it signals to the market that the asset is in greater demand.

MATIC price action

MATIC is teetering at $1.77, down 1.05% in the last 24 hours. IntoTheBlock analytics data shows that MATIC sits on top of a significant support barrier. The region between $1.55 and $1.66 may act as a backstop to further losses as more than 46,000 addresses previously purchased 3.67 billion MATIC at this demand zone.

In recent developments, Polygon recently deepened its integration with Filecoin. As part of the partnership, Filecoin and Polygon began to create grants and hackathons to assist development teams and NFT projects that use Polygon blockchain to integrate with Filecoin and InterPlanetary File System (IPFS).

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.