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Polygon (MATIC) Skyrockets 1,453% in Whale Activity Climb, What Next?

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Thu, 11/07/2024 - 16:55
Polygon (MATIC) Skyrockets 1,453% in Whale Activity Climb, What Next?
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Ethereum layer-2 scaling solution Polygon (MATIC) has seen a whopping 1,493.81% surge in large transaction volume, which denotes whale activity.

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Spikes in Large Transaction Volumes imply higher activity among institutional buyers and sellers. In this perspective, large transactions exceed $100,000.

According to IntoTheBlock data, Polygon's large transaction volume increased by 1,493.81% in the last 24 hours, totaling $102.87 million. This equated to 203.98 million MATIC in crypto terms. Notably, this represents a seven-day high.

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Large Transactions Volume, Courtesy: IntoTheBlock

However, MATIC's price had barely moved in response to the surge in whale activity. At the time of writing,  MATIC was up 0.84% in the last 24 hours to $0.511. In what might come next for the MATIC price, a sustained rebound will target the daily moving averages 50 and 200 at $0.6118 and $0.808, respectively.

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On the other hand, if bears return, support is envisaged in the $0.42 range.

Polygon Miden Alpha testnet v3 goes live

In a recent update, Polygon announced that the Miden zkVM rollup, Miden Alpha Testnet v3, is now live.

Miden is an innovative zkVM rollup that is still in the testnet phase. It allows users to generate and execute their zero-knowledge proofs, known as client-side proving. Developers can create dApps that allow users to prove their local state, providing sovereignty and significantly higher throughput than conventional systems.

In other positive news, TON Applications Chain (TAC) is developing a zk-powered layer-2 network with Polygon CDK that will connect to the AggLayer, allowing for smooth interoperability and unified liquidity across the TON blockchain ecosystem.

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