In a dramatic turn of events, Polygon (MATIC), the Ethereum layer-2 scaling solution, has experienced an unprecedented surge in whale activity, recording a staggering 1,493.81% increase in large transaction volumes within the past 24 hours. This surge, amounting to a total of $102.87 million or 203.98 million MATIC tokens, marks a significant uptick in institutional buying and selling behavior on the network.
Despite this surge in whale activity, MATIC’s market price has shown only a modest increase of 0.84%, trading at $0.511 at the time of reporting. Analysts are closely monitoring whether this influx of large transactions will translate into a sustained rally, potentially targeting key resistance levels such as the daily moving averages at $0.6118 and $0.808. However, caution remains advised as support levels around $0.42 may come into play if bearish sentiment returns.
In a parallel development, Polygon has unveiled its latest innovation with the launch of the Miden Alpha Testnet v3. This zkVM rollup promises enhanced capabilities including sub-second order updates, a user-friendly CLI interface, and a Miden WASM client for seamless in-browser operations. This advancement underscores Polygon’s commitment to advancing zero-knowledge proof technology, offering developers greater flexibility and scalability for decentralized applications (dApps).
Moreover, Polygon’s collaboration with TON Applications Chain (TAC) to integrate a zk-powered layer-2 network through the Polygon CDK signifies a major stride towards interoperability across blockchain ecosystems. This initiative aims to unify liquidity and streamline operations within the TON blockchain ecosystem, promising broader implications for decentralized finance (DeFi) and beyond..
