Polygon [POL] recently underwent a major upgrade which changed the token’s name along with several other new updates.
recently underwent a major upgrade which changed the token’s name along with several other new updates. However, the latest update couldn’t propel a price hike. In the meantime, an unusual whale activity was noted.earlier that the MATIC to POL upgrade went as planned by Polygon developers. The Polygon team mentioned that it has taken a year of community discussion to upgrade POL as the native token for Polygon.
Therefore, AMBCrypto planned to check IntoTheBlock’s data to find out how MATIC’s supply distribution was affected. As per our analysis, the number of addresses holding 1 billion to 10 billion POL tokens dropped by 50% in the last 30 days. This metric clearly suggested that the biggest POL whales were reduced to half. In fact, addresses holding less number of tokens also dropped during the same period.While all this happened, POL’s price volatility dropped. This was the case as both its weekly and daily charts moved marginally. Therefore, AMBCrypto planned to check the token’s on-chain data to find what to expect from it in the coming days.
Our analysis of Santiment’s data revealed that the blockchain’s social volume declined. This happened despite the fact that Polygon recently underwent a major upgrade.However, it was interesting to note that while the number of whale addresses dropped, buying pressure on the token increased. This was evident from the massive drop in the supply on exchanges and a spike in the supply outside of exchanges.AMBCrypto then checked the token’s daily chart to find out possible targets of POL.
But if the bulls step up their game, then it won’t be surprising to watch Polygon touching $0.41. A breakout above that could push the token to $0.57.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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