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Polygon (MATIC) has seen a 1,453% jump in whale activity, signaling a rise in significant institutional transactions.
Institutional Activity Boosts Polygon Transactions
Massive whale activity has been detected in Polygon (MATIC), with a huge increase of 1,493.81% in the volume of significant transactions.
Increases in the number of large transactions indicate that institutional buyers and sellers are more active. Major purchases are those that go over $100,000 from this vantage point.
Data from IntoTheBlock shows that on the last day, the massive volume of transactions on Polygon surged by 1,493.81%, reaching $102.87 million. So, in cryptocurrency terms, that was 203.98 million MATIC. This marks the highest point in the past seven days.
Price Stability Amid Transaction Surge
Despite the increase in whale activity, the price of MATIC has not budged.
Per U.Today, during the past 24 hours, MATIC has gained 0.84%, reaching $0.511 as of this writing. If the MATIC price manages to stage a long-term recovery, it will likely aim for the $0.6118 and $0.808 daily moving averages, respectively, in terms of what's to come.
However, if the bears make a comeback, the $0.42 level is expected to provide support.
Polygon's Miden Alpha Testnet v3 Launches
The Miden Alpha Testnet v3, a rollup of Miden zkVM, has gone live, according to a recent announcement by Polygon.
The groundbreaking zkVM rollup Miden is now in its testnet testing phase. Users can create and run their own zero-knowledge proofs, also called client-side proofs.
By building decentralized applications (dApps), programmers can give users the power to establish their own state, which in turn provides sovereignty and much more throughput than traditional systems.
Another encouraging development is that the TON Applications Chain (TAC) is working on a zk-powered layer-2 network with Polygon CDK. This network will link up with the AggLayer, facilitating seamless interoperability and unified liquidity throughout the TON blockchain ecosystem.
