Polygon: Decoding Starbucks’ Siren Collection launch and whales’ move

• The latest NFT from Starbucks launched on Polygon on 9 March.
• MATIC whales conduct the highest volume of transactions in six months.

Starbucks’ Siren collection, released on 9 March, was yet another huge NFT collectible launch witnessed by Polygon. Interestingly, the launch coincided with significant whale movements of MATIC.

The launch event is supposed to increase the volume of NFTs on Polygon in the long run. But the question is- How does everything fit together?

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Polygon welcomes the Siren Collection

The Siren Collection, exclusive to Starbucks Odyssey beta users, was released with a maximum value of 2,000 NFTs. The “Siren Collection,” a set of two thousand items with a retail value of $100, incorporates a reimagining of the company’s classic Siren logo.

Beginning at 12 p.m. ET, Starbucks Odyssey members could purchase a maximum of two stamps. The entire NFTs were gone in about 20 minutes, and the starting bid on OpenSea for secondary market items, at press time, was around 0.3 ETH.

An increased interest in the secondary sales could impact the Polygon NFT volume, given how quickly the Siren Collection’s primary sales sold out. This can also be a favorable effect for MATIC due to the rising floor price of the Polygon-native NFT.

Polygon NFT volume stays the same

There was no noticeable increase in sales, as evidenced by the volume of NFT deals on Santiment. The overall trade volume was roughly $413,000 as of the time of writing.

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Because the Starbucks NFT offered the opportunity to pay with a credit card, the volume appeared to be low despite an immediate sell-off.

We might observe an increase in this statistic on Polygon as demand from the secondary front increases.

MATIC whales break the six-month record

As evidenced by Santiment statistics, 9 March was a day of enormous whale transactions for Polygon (MATIC). The two whale deals on 9 March were the largest in the previous six months.

In the first deal, more than 50.2 million MATIC changed hands, while more than 58.8 million MATIC changed hands in the second. So, the massive 9 March trades were what drove the day’s total beyond the 3 million mark. At the time of this writing, over $585,000 were transacted.

Source: Santiment

Negative MACD and RSI dominate MATIC move

The most recent NFT collectible introduction does not appear to have an effect on Polygon (MATIC) on a daily timeframe. A more than 3% value drop was recorded as of 9 March.

It was still trading at a loss as of this writing, at about $1.00, though it was far less than it had been during the previous trading session.

Source: TradingView

Realistic or not, here’s MATIC market cap in BTC’s terms

Additionally, according to the Moving Average Convergence Divergence (MACD) indicator, a strong bearish sentiment was evident for MATIC.

The MACD was showing a very strong bear trend as of the time of writing, which was below the zero line. The Relative Strength Index (RSI) also supported the negative outlook. Below the neutral line and edging closer to the oversold region, the RSI could be noticed.