Polygon (MATIC) sees unprecedented surge in whale activity

Polygon (MATIC), an Ethereum layer-2 scaling solution, has witnessed a remarkable increase of 1,493.81 percent in large transaction volume, indicating a surge in whale activity. Large transactions, which exceed $100,000, suggest heightened activity among institutional buyers and sellers.

Polygon’s large transaction volume rose by 1,493.81 percent in the last 24 hours, amounting to $102.87 million. This translates to 203.98 million MATIC in crypto terms, marking a seven-day high.

Despite this significant uptick in whale activity, MATIC’s price has remained relatively stable. At the time of writing, MATIC had increased by a modest 0.84 percent in the last 24 hours, standing at $0.511. If the MATIC price continues to rebound, it will aim for the daily moving averages 50 and 200 at $0.6118 and $0.808, respectively. However, if the bears regain control, support is anticipated around the $0.42 range.

In related news, Polygon recently announced the launch of the Miden Alpha Testnet v3, a zkVM rollup currently in the testnet phase. Miden allows users to generate and execute their zero-knowledge proofs, a feature known as client-side proving. This enables developers to create dApps that allow users to prove their local state, offering sovereignty and significantly higher throughput than traditional systems.

Furthermore, TON Applications Chain (TAC) is developing a zk-powered layer-2 network with Polygon CDK. This network will connect to the AggLayer, facilitating seamless interoperability and unified liquidity across the TON blockchain ecosystem.