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Polygon (MATIC) Whale Transactions Jump 2,930% as Price Nears Key Level

Tue, 07/04/2023 - 16:50
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Tomiwabold Olajide
Polygon has been on steady rise since June 29
Polygon (MATIC) Whale Transactions Jump 2,930% as Price Nears Key Level
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According to IntoTheBlock data, Polygon (MATIC) is seeing a massive spike in its large transaction volume, recording a whopping 2,930% increase in the last 24 hours. MATIC's large transaction volume comes in at $163 million.

The Large Transaction Volume indicator, by definition, provides an estimate of the total amount transacted by whales and institutional investors on a given day. Large transactions are defined by IntoTheBlock as transfers of more than $100,000, and a spike may indicate that institutional players, or whales, are actively buying or selling.

Polygon has been on a steady rise since June 29, marking the fourth consecutive day of being in green. MATIC rose to a three-week high of $0.721 on July 3 before receding slightly, where it trades now.

At the time of writing, MATIC was marginally up in the last 24 hours to $0.70. The token is up nearly 5% in the past seven days.

On the upside, MATIC faces a barrier at the daily MA 50, which coincides with the $0.757 level. On the other hand, the price seems to be building stable support near the $0.60 level.

Polygon PoS to undergo new upgrade

Polygon proof-of-stake is set to undergo a game-changing upgrade, the Inborg Upgrade. Polygon Labs researchers set out to investigate the cause and suggest solutions to the community after the network had a few extended block reorgs earlier this year, hurting user experience and chain stability.

The Polygon Improvement Proposal (PIP) framework, which is similar to the EIP architecture, serves as a coordination layer for all Polygon PoS upgrades.

The Inborg Upgrade, made possible by the PIP framework, consists of two proposals. First, Indore (PIP-12): A proposed state sync mechanism improvement to improve network stability.

Second, Aalborg (PIP-11) introduces the notion of "Milestones" to achieve faster finality on the Polygon PoS network. The Inborg Upgrade is a two-step process designed to improve network stability and finality time, with Aalborg scheduled for on-chain consensus next month.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.