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.