Reports indicate that users of the popular video-sharing platform Instagram will soon have the opportunity to test out the functionality of the Polygon blockchain network. Consequently, individuals had the ability to issue their own non-fungible tokens (NFT), display them, and sell them on the network.

A few days ago, the parent company of Facebook, Meta, made an announcement stating that it would soon begin the functionality test for a select group of creators in the United States prior to rolling out the feature in other regions.

In the meantime, the global provider of financial services known as JPMorgan Chase has successfully completed its first live transaction using the Polygon Blockchain, which was supervised by the Monetary Authority of Singapore (MAS).

In addition, the financial powerhouse took advantage of the low transaction fees offered by the Polygon network in order to issue tokenized assets during its initial engagement with the decentralized finance (DeFi) system.

The MATIC Observes a New Rally

The value of MATIC, the native digital token of the Polygon ecosystem, responded favorably to the aforementioned development by soaring by close to 30 percent over the course of the past week. In addition, the most recent performance indicators from CoinGecko demonstrate that the alternative cryptocurrency is currently trading at $1.19, representing an increase of over 4% over the course of the previous twenty-four hour period.

In the meantime, the data that Polygon compiles every two weeks and once a month reveal that MATIC has increased by 45.4% and 42%, respectively. The digital assets also saw significant inflows of capital, which contributed to an increase in the overall market valuation of those assets.

An increase of more than 19% can be seen in MATIC's current market capitalization, which stands at $10.56 billion. The enormous performance was more than enough to ensure that the asset would keep its current position as the 11th largest crypto asset based on market cap.

The Preponderance of Whales is Depicted

Following a thorough investigation into recent events, it was discovered that MATIC whales may have started purchasing tokens two weeks ago in preparation for the possible rally that the asset is currently experiencing.

It is interesting to note that various pieces of on-chain data indicate that the majority of traders successfully timed their trades in order to maximize their profits. A number of the most important cryptocurrency exchanges saw their available supply of the asset gradually decrease over the course of the past month, which is an indication of the most recent development.

Similar to other cryptocurrencies, whales are infamous for being the catalyst that starts a rise depending on the various market variables. Whales are also referred to as hodlers due to the fact that they maintain enormous portfolios of a variety of crypto assets, which they use as a leverage to make purchases and keep for the long term.

When a cryptocurrency token is in high demand, the behaviors of "whales" can sometimes have a significant impact on the direction that its price moves in. But it looks like MATIC is making a strong statement for itself, and here's hoping that trend continues for a long time.