Did the whale mood in MATIC shift during the Super Bowl NFT mintage?

• Polygon’s OpenSea daily volume rises after Super Bowl NFTs go live.
• MATIC limits the downside as peak addresses resume accumulation.

Super Bowl season is here and excitement is already creeping into the blockchain industry. Polygon capitalizes on the hype as well as available opportunities through a mega NFT mint.

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Polygon recently announced that they have minted more than 1 million Super Bowl NFTs.

In particular, we have seen a significant increase in MATIC’s involvement in the NFT segment in recent months. An unsurprising result considering that the network has previously shown its interest in using the NFT segment.

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Over 1 million @Reddit Super Bowl NFTs minted #onPolygon

Claim yours before the big game 🏈👇🏽 pic.twitter.com/rbP5NH8mkY

— Polygon (@0xPolygon) 10 February 2023

Perhaps the biggest question is how this attack on NFTs has affected the Polygon network and the demand for MATIC.

Initial reports reveal that the network recorded its highest daily NFT trading volume on OpenSea at $11.4 million. There is no official word on whether this increase in NFT trading volume is related to the Super Bowl NFTs, but it is likely the case.

source: Twitter

While the above represents the volume on OpenSea, things are a little different on the chain. Polygon’s total NFT trading volume on the chain shows an increase in activity on February 10.

However, the total volume on that day is still lower than the current monthly high.

Source: Sentiment

The total number of NFT trades shows a similar observation. This means that on-chain NFT activity on the Polygon network is within the normal range.

Will MATIC’s decline be short-lived?

MATIC peaked at $1.35 earlier in the week, before a 9% pullback fueled by SEC FUD. However, this disadvantage was limited, indicating that MATIC still maintains relative strength.

The press time price of $1.24 represented a slight increase over the past 24 hours. This confirms that the bears have not been able to secure dominance.

Source: TradingView

MATIC managed to gain 79% at its last weekly high, from its January low. This means that the crypto token still holds the title as one of the top winners among the top cryptos from the current 12-month highs.

How much is 1,10,100 MATICs worth today

Furthermore, looking at the data, one can conclude that MATIC bulls are poised to maintain their dominance for a while longer.

The current sentiment, especially among MATIC whales, is generally bullish. This is based on an analysis of the supply distribution. All the top address categories from 100 to 10 million MATIC have accumulated in the last 24 hours.

Source: Sentiment

Well, the current sentiment favors the bulls based on the above observation. Despite this observation, there is still room for a sudden market shift, which could push the market towards the bottom.