As every alternative coin looks for undiscovered triggers that might drive price rise, Polygon (MATIC) is showing a striking increase in the number whale transactions it has processed over the previous week. Data from the cryptocurrency monitoring tool IntoTheBlock (ITB) for Polygon reveals that whale transactions have increased by as much as 49.44% in the last week.
Regardless of the present price movement, the data demonstrate the protocol’s appeal. The whale transactions—which represent MATIC transactions totaling $100,000—rose from 34 a week ago to a high of 116 before peaking at 60 as of this writing. Despite MATIC’s price having levelled over the period under study, there was a noticeable increase.
The price of Polygon is now $0.5372, a decrease of 4.92% over the previous 24 hours. However, the whale transaction increase has showed how much tenacity is being displayed by senior protocol stakeholders to maintain the integrity of the Layer 2 scaling solution. The price movement of MATIC is analogous to the broader market trend.
The active trading volume for Polygon has remained quite high and has increased by 15% to $301 million. The likely long-term continuation of the purchasing trend is crucial to MATIC’s recovery.
Stirred up ecosystem growth
With the recent debut of its zkEVM outlet, Polygon, a highly well-liked Layer 2 protocol on Ethereum, is expanding its impact as a hub for next-generation smart contracts.
The usefulness can be ensured with Polygon, which is getting ready to welcome a slew of new decentralised apps (dApps) that are expected to emerge in the near future. This development is sure to encourage more people to choose MATIC in the short and long terms.
Although the market may not now allow it, Polygon has a strong institutional commitment to its technology, and the protocol has a solid foundation for future expansion.
