revealed that the count of new wallet addresses created daily to send or receive MATIC tokens went up by over 28% in the last month.
Further, an assessment of the token’s exchange activity revealed a consistent decline in MATIC’s supply on exchanges since the beginning of June. MATIC’s supply on exchanges has fallen by 15% in the last month. As of this writing, only 8% of the token’s total supply was held on cryptocurrency exchanges.A fall in an asset’s supply on exchanges is a bullish sign as it signals less sell-offs.
Moreso, the number of bigger whales holding between 100,000 and 1,000,000 MATIC tokens increased by 6% during the same period.A close connection exists between an asset’s whale activity and price performance. Increased whale accumulation over an extended period often signals improved sentiments, enough to drive new liquidity into the market.With MATIC seeing its whales grow their bags, its price may grow further as long as sentiment continues to improve.
The surge in MATIC’s whale accumulation in the last month might be due to the increased profitability of the asset during the same period. Per data from Santiment, on a 30-day moving average, the ratio of daily MATIC transactions in profit was 1.24, suggesting that more transactions resulted in profits for traders than losses.