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Chain analytics company In the block reports that institutional and whale demand has recovered strongly for the crypto sector. In this sense, the Ethereum scaling solution Polygon is recording a 3,800% increase in transaction volume over $100,000 in the last 30 days.
IntoTheBlock classifies any transfer over $100,000 as large transactions. In this context, a large trading volume indicates the total amount traded by whales and institutional players in a single day, and increases in this indicator may indicate that institutional players are actively buying or selling.
MATIC price has risen above $0.80 for the first time since July as a result of increased large trading volume. MATIC’s market capitalization has increased by 62% in the last 30 days as a result of increased whale activity and accumulation.
At the time of writing, the MATIC cryptocurrency was up 2% in the previous 24 hours to $0.828. The token has gained 20.3% in the last seven days.
Since October 24, wallets containing between 100,000 and 10 million MATIC have accumulated 42.88 million coins, according to Santiment. There were 161 MATIC transactions of $100,000 or more in a single day, the most since July.
In positive news for the Polygon ecosystem, Immutable, a Web3 gaming platform, has announced a new collaboration with Ubisoft, a leading video game creator and publisher, to develop a unique gaming experience that will further unlock the potential of Web3.
This is important because Polygon powers Immutable zkEVM, with Immutable being the first gaming platform to offer a zero-knowledge (zk) scaling solution to the Ethereum community, giving developers multiple zk-based scaling options, such as Immutable rollup based on StarkWare Technology.
