Despite flat price movement of Polygon, whale transactions on its blockchain have surged by 49.44% over the past week.
Whale transactions exceeded $100,000 in value over the past seven days
Polygon’s native MATIC token trading sideways at around $0.53, this uptick in large transactions suggests strong user conviction.
Despite largely flat price action over the past week, Polygon has seen a notable uptick in large transactions on its blockchain network.
According to crypto analytics platform IntoTheBlock, so-called “whale” transactions on Polygon exceeded $100,000 in value and increased by 49.44% over the last seven days. The number of these large trades jumped from 34 to 116 before settling around 60 at the time of writing.
This surge in big-money flows comes as Polygon’s native MATIC token continues trading sideways around $0.53. MATIC has declined 4.92% over the past 24 hours amid modest volatility.
Still, the increase in whale activity points to strengthened conviction among Polygon’s core users, even as traders appear wary during the ongoing crypto bear market. It also highlights the network’s real-world utility for decentralized apps (dApps) and institutions.
Polygon boasts over 7,000 dApps across gaming, finance, and other sectors. The Ethereum scaling platform handles around 60 million transactions per month. Its low-cost, high-throughput capabilities continue to attract developers.
Looking ahead, Polygon aims to onboard more projects as it vies with rival Layer 2 networks. The protocol is counting on its strong technical capabilities and branding to cement its status as the leading Ethereum sidechain.
For now, the resurgence in whale transactions underscores big investors’ continued faith despite MATIC’s sideways trading. As the most active participants on Polygon, their usage provides a barometer for platform traction during periods of heightened market uncertainty.