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

ambcrypto.com:

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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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.

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.

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.

Source: Santiment

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