Polygon (MATIC) Price Rally Soon: Unusual NFT Trading Volume?

Polygon’s (MATIC) NFT market is presently going through a period of considerable increasing acceptance. This can be attributed to the company’s cooperation with noteworthy businesses like Reddit and more recently with the launch of the former U.S. President Donald Trump’s NFT Trading Cards.

Polygon Pushes To #2

Currently, as per the NFT data aggregator Cryptoslam, the Polygon blockchain is trading just second to Ethereum in NFT trading volume and ranks tenth by overall market capitalization.

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According to statistics obtained from the blockchain analytics platform Nansen, the number of first-time and returning purchasers each day in Polygon’s non-fungible token (NFT) market set new all-time highs during the last month of the year.

Read More: What is Polygon Blockchain? How Does MATIC Works And Why It Matters

This was the case despite the ongoing crypto winter and the fact that NFT ecosystems on other chains, like Ethereum and Solana, are seeing a weekly decrease in the number of users.

Polygon’s NFT Explosion

Another major reason that pushed Polygon’s NFT sales was due to yesterday’s NFT launch announcement centering on the former president and billionaire Donald Trump; with a retail price of “only $99 each”. Trump publicly announced it on his Truth Social platform along with a 2-minute video explaining the different NFTs.

According to the site hosting these NFTs, the collection is minted on the Polygon blockchain, and a total of 45,000 NFTs will be created during the first run of the collection.

Read More: Donald Trump’s $99 NFT Collection Sale: 5 Things You know

Also, an increased whale activity has been recorded in the Polygon chain, where ETH whales have bought MATIC worth $3.7 million in the past few days. Furthermore, as per data published by WhaleAlert, MATIC tokens worth $9.2 million were transferred from Binance to another wallet.

Polygon (MATIC) Price

With strong technical indicators suggesting a trend reversal after being in the “oversold zone” and coupled with the favorable fundamental factors stated above, the MATIC token is due for a rally, as per leading crypto analysts.

The price of the Polygon (MATIC) token is currently trading close to $0.85, which is down by 0.43% in the past 1 hour and by 4.1% in the last seven days, at the time of writing. The decline in price comes after the whole crypto market slumped on the news of the U.S. Federal Reserve increasing interest rates by 50 basis points, followed by the ECB and the Bank Of England.

Also Read: Shiba Racing NFT Launch; All About SHIB Metaverse P2E Game

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.