MATIC, a popular altcoin in the world of cryptocurrency, has experienced a significant surge in value in 2023, outperforming many other coins in the market with a staggering 46% increase in its price. This sudden surge has raised concerns about the impact of whales taking profits on MATIC’s future.
Santiment, the market intelligence platform tweeted shedding light on the current situation with MATIC in the cryptocurrency market.
📊 $MATIC's price is +46% thus far in 2023, amongst many #altcoins that have rebounded within this range. Our latest insight looks at the influx of whale moves, a profit taking spike to watch closely, and its #AllTimeLow supply on exchanges. 👇 https://t.co/BwVQ82wHpt pic.twitter.com/VEWabZyqqk— Santiment (@santimentfeed) April 10, 2023
According to the latest insights, it seems that whales have been making waves in the crypto markets, with big players moving massive amounts of MATIC. This influx of whale moves has caught the attention of traders, who are watching closely for any signs of a profit-taking spike.
MATIC’s all-time-low supply on exchanges indicates the lesser availaibilty of MATIC for purchase, which can lead to a further increase in price as demand continues to rise.
Despite this, the all-time-low supply of MATIC on exchanges suggests that there is less supply available for trading, potentially leading to further price increases due to the imbalance between supply and demand.
In light of these developments, it is supposedly worth monitoring MATIC’s performance in the market, as it has the potential to offer investment opportunities in the future.
In conclusion, the recent surge in MATIC’s price and the influx of whale moves in the market are indicators of its growing popularity among traders and investors. However, the potential for profit-taking spikes cannot be ruled out, which may lead to short-term volatility in the coin’s price.