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Polygon (MATIC) Whale Transactions up 49% as Recovery Is Underway

Tue, 08/22/2023 - 15:30
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Godfrey Benjamin
Polygon welcomes whale buy-ups, here are total funds they moved
Polygon (MATIC) Whale Transactions up 49% as Recovery Is Underway
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Polygon (MATIC) is showcasing an impressive jump in its total whale transactions over the past week as every altcoin explores hidden triggers that can fuel price growth. For Polygon, data from crypto analytics platform IntoTheBlock (ITB) shows that whale transactions on Polygon have surged as high as 49.44% over the past week.

Polygon (MATIC) Sees 742% Surge in Big Moves as Whales React to New Development

MATIC Whale Chart
MATIC Whale Transactions. Source: IntoTheBlock

The figures are a testament to the attractiveness of the protocol irrespective of current price action. The whale transactions, which account for transactions worth $100,000 in MATIC, jumped from 34 a week ago to a high of 116 before cresting at 60 at the time of writing. This appreciable growth came despite the flattened price of MATIC in the time under review.

The Polygon price is currently changing hands at a price of $0.5372, down by 4.92% in the past 24 hours. The price action of MATIC is comparable to the general market trend; however, the whale transaction growth has revealed how much grit is being shown by top protocol stakeholders to help keep the Layer 2 scaling solution's integrity.

Polygon has maintained a relative upsurge in active trading volume, which is up by 15% to $301 million. The recovery of MATIC undoubtedly hinges on the probable sustenance of the buying momentum in the long term.

Stirred up ecosystem growth

Polygon is a very popular Layer 2 protocol on Ethereum, and with its recently launched zkEVM outlet, its influence as a next-generation smart contract hub is growing.

Polygon (MATIC) Records Largest Token Shift by Whales on Network in 2023

With Polygon set to welcome a host of new decentralized applications (dApps) billed to make their way in the near term, the usability can be guaranteed, a trend that is bound to fuel more embrace of MATIC in both the short and long term.

Polygon has a deep institutional embrace of its technology, and while the market may not permit it for now, the protocol has a good basis for growth in the long term.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.