Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
On-chain analytics firm IntoTheBlock reports that institutional and whale demand has picked up strongly for the crypto sector. In this regard, the Ethereum scaling solution Polygon is recording a 3,800% spike in the volume of transactions of over $100,000 over the last 30 days.
IntoTheBlock classifies as large transactions any transfers of more than $100,000. In this context, large transaction volume indicates the total amount transacted by whales and institutional players in a single day, and increases in this indicator may indicate that institutional players are actively buying or selling.
The MATIC price has risen above $0.80 for the first time since July as a result of the increase in large transaction volume. MATIC’s market cap has increased by 62% in the last 30 days as a result of increased whale activity and accumulation.
At the time of writing, the MATIC cryptocurrency had risen 2% in the previous 24 hours to $0.828. The token has gained 20.3% in the last seven days.
Since Oct. 24, wallets containing 100,000 to 10 million MATIC have accumulated 42.88 million coins, according to Santiment. There were 161 MATIC transactions of $100,000 or more in a single day, the most since July.
In positive news for the Polygon ecosystem, Immutable, a Web3 gaming platform, has announced a new collaboration with Ubisoft, a leading video game creator and publisher, to develop a unique gaming experience that will further unlock the potential of Web3.
This is significant because Polygon powers Immutable zkEVM, with Immutable being the first gaming platform to deliver a zero-knowledge (zk) scaling solution to the Ethereum community, providing developers with multiple zk-based scaling options such as Immutable X, a rollup based on StarkWare technology.
About the author
Tomiwabold Olajide