Polygon Whale Activity Surges Over 1,400%, as MATIC Could Rally

In a rather interesting development, Polygon (MATIC) has surged more than 1,400% in whale activity. Indeed, data from IntoTheBlock shows a massive increase in large transaction volume, which showcases the behavior of the asset’s largest holders.

Large transaction volume is a metric that shows how many trades are taking place with a cumulative value of more than $100,000. The data is rather interesting in what It can mean. For MATIC, it shows what could be increased interest from institutional investors.

Also Read: Polygon (MATIC) Targets $0.8 in June as Rally Begins

Polygon Surges in Whale Activity as MATIC Could be Set to Rally

In what has been an interesting year for the crypto market, MATIC has gone under the radar. With 2024 seeing Bitcoin and Ethereum get crypto-based ETFs, Solana emerges as a clear number three, and Ripple (XRP) dominate speculation, Polygon has slowly faded from prevalence.

That hasn’t been the case with some investors, though. Polygon has seen its whale activity surge massively in the last day. According to data, large transaction volume increased more as much as 1,493%. Moreover, that totals more than $102 million, or more than 203 million MATIC tokens.

Also Read: Polygon Weekend Price: Can MATIC Hit $1?

That figure is a weekly high for the asset. Additionally, it paints an interesting picture for its trajectory. MATIC has fallen more than 18% in the last 30 days, according to CoinMarketCap. Moreover, it looks to be having difficulty breaking through the $0.51 level.

However, the ecosystem continues to get notable developments. Developers announced the Miden Alpha Testnet that went live today. Indeed, the team noted the update provides a shot of improvements, including “transient notes for sub-second order updates,” and more. Although still in the tesnet phase, it shows a clear commitment to building up the ecosystem. More updates like this could have the asset making good on its bullish potential.