MATIC Flips SHIB to Become Top-Traded Token Among ETH Whales
• Polygon (MATIC) saw an increase in its DeFi space with the integration of Dopex, a decentralized options exchange.
• MATIC’s market cap in BTC terms increased and its daily and weekly charts were painted green.
• WhaleStats revealed that MATIC had become the most traded token among the top 100 Ethereum whales.
Polygon (MATIC) Integrates with Dopex
Polygon [MATIC] has seen growth in its DeFi space over the past few months, with several new integrations that help increase the network’s offerings and capabilities. The latest one is the integration with Dopex, a decentralized options exchange. This launch was a step forward for Dopex, allowing it to reach a wider audience and provide more opportunities for users to take advantage of its innovative features.
Positive Market Reaction
Polygon’s growth in the DeFi space was further proven by having a look at DeFiLlama’s data, as its Total Value Locked (TVL) gained an upward momentum since the beginning of this year. MATIC’s price also responded positively to these developments, and its daily and weekly charts were painted green. As per CoinMarketCap, MATIC was up by over 3% and 6% in the last 24 hours and past week, respectively. At press time, it was trading at $1.23, with a market capitalization of more than $10.7 billion.
Matic Becomes Most Traded Token Among Whales
The increase in MATIC’s price might have played a role in making the token popular again among whales; WhaleStats revealed that MATIC flipped Shiba Inu [SHIB] to become the most traded token among the top 100 Ethereum [ETH] whales. Moreover, MATIC’s daily on-chain transaction volume in profit also increased due to recent price gains.
MVRV Ratio Uptick
MATIC’s MVRV Ratio registered an uptick which looked optimistic; CMC reported that since mid-January 2021 until now (February 4th 2021), there had been 7 days where MVRV Ratio crossed 1x mark indicating investors‘ confidence towards Rallying asset prices & Bullish trend continuation expectations amongst traders/investors investing into assets like Polygon(MATICS).
Social Dominance Grows Alongside Price Increase
MATIC’s popularity grew along with its social dominance as well as price increase; according to CoinGecko’s Social Volume metric chart , there had been significant hikes from January 14 till Feb 4th 2021 indicating increasing interest & hype around Polygon & related projects built upon it like Quickswap etc..