Whales return, MATIC Large transactions surge by 105%: A Data Suggests

  • According to data, MATIC large transactions have risen around 105% in the last twenty-four hours. 
  • MATIC has returned among the top ten tokens to be most purchased in the previous day.
  • DraftKings has also joined the Polygon network as a validator and node operator, marking a significant step in blockchain adoption. 

According to data by IntoTheBlock, MATIC Large transactions have increased about 105% in the last 24 hours. The Price of the native token of the Polygon network, MATIC, continues to witness a rebound after falling down to lows of the current $1.37. 

At the time of writing, MATIC is trading at a price of $1.46 and stands at a sixteenth position by market cap, which is $11,185,912,425. 

Large Transactions basically refer to those which exceed an amount of $100,000. And the on-chain volume of these transactions highlights an idea about the amount whales and institutional players transact in a day. 

Source: IntoTheBlock

And according to data by WhaleStats, MATIC has again made a position among the top ten most purchased tokens in the previous day. It further shows that FTT is the top holding among the whales, whereas Uniswap is the most held asset widely. 

The five large transactions that WhaleStats reported in recent hours consist of Ethereum whales who have purchased around 5.98 million MATIC tokens worth $8.73 million at the current exchange rate. 

Polygon is a well-structured, easy-to-use platform for the scaling of Ethereum and infrastructure development. It combines the Plasma framework and the PoS blockchain architecture. Through the use of Polygon, optimistic rollup chains, Zk rollup chains, stand-alone chains, etc., can be created. The network effectively transforms Ethereum into a multi-chain system. Its native token is $MATIC, which is an ERC 20 standard token powered by the Ethereum blockchain and is used for payments on Polygon and the transaction fees on Polygon sidechains. 

Whereas Polygon witnessed another big thing when DraftKings, a digital sports entertainment and gaming company, joined the Polygon ecosystem. It has joined as a validator and node operator. This step marks the first time that a publicly-traded firm has taken part in blockchain governance. 

Polygon validators check the authenticity and validity of the transactions on the network and earn rewards via the PoS model. 

According to Polygon, this decision by DraftKings, which is a NASDAQ-listed company, to join the Polygon network is a significant step in the adoption of blockchain technology. 

ALSO READ: Smart Contracts deployed on Cardano Network after Alonzo upgrade

Nancy J. Allen
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