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.
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.
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.