Whales Remain Bullish on MATIC Despite Market Downturn; P2 Ventures Allocates Support for Polygon Ecosystem

By: Eva Baxter

Despite the recent rough spell experienced in the crypto market, large investors known as whales are demonstrating a bullish outlook on MATIC, the native token of Polygon. Amidst a period of instability where cryptocurrencies like Bitcoin and other leading altcoins struggle, MATIC saw a nearly 2% drop in the past 24 hours and a 21% decrease within the last week. Even so, seasoned investors are taking advantage of low prices, with notable casts of whales accumulating substantial amounts of MATIC.

In addition to accumulating tokens, large transactions worth over $100,000 have soared, indicating a significant buying appetite among whales. Data reflects that the majority of whale positions on Binance for MATIC are long, hinting at a belief in short-term price recovery due to stringent belief in the functionalities of MATIC within the Polygon ecosystem.

However, this bullish sentiment encounters opposition from increasing negative commentary on social media platforms which have the potential to heavily influence market sentiment and investor behavior, especially among retail investors. Despite the negativity, industry analysis, such as that conducted by Santiment, further validates the increase in whale activity.

In related news, P2 Ventures, separated from Polygon Labs last year, commits $50 million through Hadron FC to provide funds and mentorship support to project founders within the Polygon blockchain ecosystem.