MATIC’s Price Is up by More Than 2% As Its Social Volume Soars

A crypto analyst took to Twitter earlier today to share his thoughts and insights about Polygon (MATIC). According to the post, MATIC’s social volume has not been this high since August of 2022. The last time this happened, the price of MATIC increased by 20% before experiencing a 34% correction.

The analyst used this data from Santiment to showcase how social volume, highly positive sentiment, and euphoria can create price tops. The crypto whale tracking platform WhaleAlerts also took to Twitter today to share some new information about MATIC.

MATIC whale transaction (Source: WhaleAlert)

The Tweet revealed that 30,000 MATIC, worth about $35,388,676, was transferred by an unknown wallet to Binance. The transaction details reveal that it took place on the Ethereum blockchain just under 2 hours ago.

MATIC Network / Tether US 1D (Source: TradingView)

MATIC is currently trading hands at $1.17 after a 2.48% price increase over the last 24 hours, according to CoinMarketCap. This has had a positive impact on the altcoin’s weekly performance as MATIC is now in the green by 1.40% over the last seven days.

The 24-hour trading volume for MATIC is currently in the green zone and stands at $912,905,134 after a more than 11% increase since yesterday. In terms of market cap, MATIC stands at $10,163,379,102, which makes it the 8th biggest crypto in terms of market capitalization.

This places MATIC right behind Cardano (ADA) in the 7th position and in front of Dogecoin (DOGE) which is ranked as the 9th biggest crypto in the market.

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