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In a remarkable turn of events, on-chain analytics firm IntoTheBlock has unveiled a surge in demand for cryptocurrencies, particularly within institutional and whale circles. Among the major beneficiaries of this trend is the Ethereum scaling solution Polygon (MATIC), experiencing an extraordinary 3,800% surge in transaction volumes exceeding $100,000 over the past 30 days.
Big Transactions Signal
Large transactions, defined as transfers surpassing the $100,000 mark, have become a pivotal metric for gauging institutional activity within the crypto space. The heightened large transaction volume on Polygon suggests a considerable engagement from both institutional players and whales, indicating active buying or selling in the market.
MATIC Price Hits $0.80, Reaching July Milestone
The impressive uptick in transaction activity has propelled the MATIC price beyond the $0.80 mark, marking its highest point since July. Over the last month, MATIC’s market capitalization has surged by an impressive 62%, primarily fueled by the increased whale activity and accumulation within the Polygon ecosystem.
Current Performance and Accumulation Trends
As of the latest update, MATIC is trading at $0.828, reflecting a 2% increase in the past 24 hours. Over the last seven days, the token has experienced a substantial 20.3% gain. Notably, wallets holding 100,000 to 10 million MATIC coins have accumulated a staggering 42.88 million coins since October 24, as reported by Sentiment. The 161 MATIC transactions exceeding $100,000 in a single day mark a significant milestone, reaching levels not seen since July.
Polygon Gains Momentum with Ubisoft Collaboration
In a positive development for the Polygon ecosystem, Immutable, a leading Web3 gaming platform, has unveiled a groundbreaking collaboration with Ubisoft, a renowned video game creator and publisher. This partnership aims to create an innovative gaming experience that harnesses the full potential of Web3.
Role in Gaming Innovation
Polygon’s role in this collaboration is underscored by Immutable’s use of the Polygon-powered Immutable zkEVM, offering a zero-knowledge (zk) scaling solution to the Ethereum community. Developers can leverage various zk-based scaling options, including Immutable X, a rollup based on StarkWare technology.
The collaboration with Ubisoft not only showcases the versatility of Polygon but also reinforces its position as a key player in advancing the integration of blockchain technology into the gaming industry. As the Polygon ecosystem continues to flourish, these developments signal a promising trajectory for MATIC and the broader crypto sector.
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