Polygon (MATIC) Price Smashes $0.9 Milestone on the Back of Increased Institutional Demand
On-chain analytics firm IntoTheBlock has just released data signaling a substantial surge in institutional and whale demand within the cryptocurrency sector. Notably, the Ethereum scaling solution Polygon is at the forefront of this trend, witnessing an astonishing 3,800% spike in the volume of transactions exceeding $100,000 over the last 30 days.
Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago. pic.twitter.com/ElM1CDZ3wA
— IntoTheBlock (@intotheblock) November 11, 2023
IntoTheBlock’s classification of transactions exceeding the $100,000 mark as ‘large’ sheds light on the substantial activity among whales and institutional players. This surge in large transaction volume serves as a key indicator of heightened activity within the sector, suggesting that major players are actively engaging in significant transactions.
The consequence of this surge is reflected in the price of Polygon’s native cryptocurrency, MATIC, which has surpassed $0.9 for the first time since July. The market cap of MATIC has seen a remarkable 75% increase in the last 30 days, underscoring the impact of the increased activity among whales and institutional players.
As of the time of writing, MATIC has experienced a 12% surge in the past 24 hours alone, reaching the $0.9 mark. Over the last seven days, the token has recorded a remarkable gain of 30.6%. According to data from Santiment, wallets containing 100,000 to 10 million MATIC have accumulated an impressive 42.88 million coins since October 24, further emphasizing the growing interest in Polygon’s native cryptocurrency.
What stands out as particularly noteworthy is the revelation that there were 161 MATIC transactions exceeding $100,000 in a single day—the highest number since July. This surge in large transactions further solidifies the notion that institutional players are actively participating in the MATIC market, either through buying or selling.
The significance of Polygon’s role in this surge cannot be understated. Polygon powers Immutable zkEVM, with Immutable holding the distinction of being the first gaming platform to introduce a zero-knowledge (zk) scaling solution to the Ethereum community. This innovation provides developers with multiple zk-based scaling options, including Immutable X, a rollup based on StarkWare technology.
Read more:
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