Data platform Santiment reported that the on-chain data platform Santiment saw the largest single transaction on the network since July after a whale transfer of $20.7 million worth of Polygon (MATIC).
Polygon Whales in Action
Polygon network witnessed an unusually high increase in activity with a $20.7 million transfer of 37 million MATIC tokens, which is the largest transaction since July. Santiment highlighted that while the rest of the cryptocurrency market suffered significant losses during this period, the price of the 12th largest cryptocurrency by market capitalization increased by over 4%. Santiment added that this whale transaction is the largest single transaction recorded on the Polygon network since July.
Data from another on-chain data platform, IntoTheBlock, confirms a significant increase in whale activity on the Polygon network. The data shows that the volume of large transactions surrounding the native asset MATIC has increased by 411.7% to $89.45 million.
The data platform defines large transactions as transfers exceeding $100,000. A high volume of large transactions provides insight into the actions of whales and institutional players, and a sudden increase in this activity is considered a sign of strong buying or selling pressure.
Current Situation of MATIC’s Price
MATIC is currently trading at $0.5863, with a nearly 5% increase in the past 24 hours. The price of MATIC has increased by 14.09% in the past 7 days. The altcoin has been showing strength since surpassing the $0.50 threshold on September 28.
MATIC has recorded six green candles in the past seven days. The price broke through the resistance level of $0.544, reaching a high of $0.599 during today’s trading session.
In mid-September, Polygon officially announced the start of Polygon 2.0 by releasing three Polygon Improvement Proposals (PIPs) and a Phase 0 roadmap. The published PIPs outline the changes that will begin in the early fourth quarter of this year if approved by the community. Market observers expect a dynamic fourth quarter for MATIC with the implementation of Polygon 2.0, which brings together a series of updates that will revolutionize the ecosystem.
