Polygon (MATIC) has seen a significant increase in total whale transactions over the last week, as every altcoin looks for hidden catalysts that can fuel price growth. According to data from the crypto monitoring firm IntoTheBlock (ITB), whale transactions on Polygon have increased by up to 49.44% in the last week.
Regardless of the current price action, the data demonstrate the protocol’s appeal. Whale trades, which account for $100,000 in MATIC transactions, increased from 34 a week ago to 116 before peaking at 60 at the time of writing. This significant growth occurred despite the fact that the price of MATIC had leveled over the period under consideration.
The Polygon price is presently trading at $0.5372, a 4.92% decrease in the last 24 hours. MATIC’s pricing action is identical to the general market trend; nevertheless, the whale transaction increase has highlighted how much grit leading protocol stakeholders are displaying to assist protect the Layer 2 scaling solution’s integrity. Polygon has maintained its relative upswing in active trading volume, up $15 million to $301 million. The long-term viability of MATIC depends undoubtedly on the sustainability of the buying momentum.
Stirred up ecosystem growth
Polygon is a prominent Layer 2 protocol on Ethereum, and its significance as a next-generation smart contract hub is expanding thanks to the recently announced zkEVM outlet. In 2023, Polygon (MATIC) records the largest token shift by whales on the network. With Polygon ready to welcome a slew of new decentralized applications (dApps) in the near future, usefulness can be assured, a development that is sure to encourage further MATIC adoption in both the short and long term. Polygon’s technology has widespread institutional support, and while the market may not allow it for the time being, the protocol has a strong foundation for long-term growth.