The price rose today, reflecting upward moves elsewhere in the cryptocurrency market as investors consider a mix of fundamental factors.
On July 11, the price of MATIC rose 2.32% to $0.75, reaching its highest level in a month – outpacing the crypto market at around $1.14 trillion, whose valuation remained relatively unchanged from the previous day.
MATIC's intraday gains came as part of a broader price bounce that began after Polygon appointed former chief legal officer Marc Boiron as its new CEO on July 7. Since then, MATIC/USD has gained approximately 15% in value.
Boiron's appointment comes more than a month after the U.S. Securities and Exchange Commission argued that MATIC had a "safeguard" in its lawsuits against Binance and Coinbase.
Meanwhile, price gains come as Polygon prepares to implement a series of network upgrades as part of its "Polygon 2.0" overhaul. That is, the establishment of the "decentralized governance" protocol by July 17.
MATIC whales are growing
MATIC's price rise on July 11 follows a period of strong whale accumulation.
For example, MATIC supply held by organizations with a balance between 10 million and 100 million tokens is up more than 1% so far in July.
This coincides with the decline in supply held by the 1 million-10 million MATIC cohort. In other words, some whales from the 1 million-10 million MATIC cohort accumulated coins in July and became part of the 10 million-100 million MATIC cohort.