Despite stable prices, Polygon’s whale transactions surge by almost 50%, highlighting strong interest in the protocol’s growth and adoption.
Key Points
- Polygon’s whale transactions rise 49.44% in a week despite stagnant MATIC price, showing protocol’s appeal.
- Despite a 4.92% price drop, MATIC’s 60% growth in whale transactions signifies protocol stakeholders’ commitment.
- Active trading volume for Polygon increases by 15%, while MATIC’s recovery hinges on sustained buying momentum.
- As Polygon gains institutional support and prepares for new dApps, its technology and ecosystem position MATIC for promising long-term growth.
Polygon (MATIC) has experienced a significant increase in whale transactions over the past week, as altcoins continue to search for catalysts to boost their prices.
Data from crypto analytics platform IntoTheBlock (ITB) reveals that whale transactions on Polygon have surged by as much as 49.44% in the past week.
Exciting news! 🚀 Polygon (MATIC) whale transactions surge by 49% amidst the ongoing recovery! 🐳📈 Big players are buying in, and here's the total amount they moved. Don't miss out on the action! Comment, like, and retweet! #Polygon #Crypto #WhaleTransactions #Bullish pic.twitter.com/OVs433ftfi
— Whales Finder (@WhalesFinder) August 22, 2023
Polygon Gets a Surge
The latest figures demonstrate the protocol’s appeal regardless of its current price action.
Whale transactions, which involve transactions worth $100,000 in MATIC, have risen from 34 a week ago to a peak of 116 before settling at 60 at the time of writing.
This considerable growth occurred despite the stagnant price of MATIC during the review period.
Currently priced at $0.5372, Polygon’s value has decreased by 4.92% within the past 24 hours.
The price trend of MATIC aligns with the overall market trend. Nevertheless, the surge in whale transactions indicates the determination of key protocol stakeholders in maintaining the integrity of this Layer 2 scaling solution.
Polygon has also witnessed a notable increase in active trading volume, totaling $301 million, marking a 15% rise. The future recovery of MATIC largely depends on the sustained buying momentum in the long term.
Concluding Thoughts
Polygon, a popular Layer 2 protocol on Ethereum, is experiencing remarkable growth as a next-generation smart contract hub, particularly with the introduction of its zkEVM outlet.
The protocol is set to welcome a wave of new decentralized applications (dApps) in the near future. This influx of dApps is expected to drive the usability of Polygon, leading to increased adoption of MATIC in both the short and long term.
Polygon’s technology has gained significant institutional support and, although limited by current market conditions, the protocol stands on a solid foundation for long-term growth.
In conclusion, Polygon’s whale transactions have surged, showcasing continued interest and confidence in the protocol. As Polygon expands its ecosystem and attracts new dApps, the future outlook for MATIC remains promising.
