Polygon Sees Large Volume Of Transactions In Last 24 Hours

After positive MATIC news involving some of the most prominent names in finance and social media, Polygon is now illuminated like Christmas lights.

Instagram users can now showcase, mint and sell non-fungible tokens. Collectibles from the (NFT).via the blockchain network.

Meta, owner of the social-media platform, said two days ago that it would soon be testing the functionality with a limited number of U.S. creators before expanding its reach to other countries.

JPMorgan Chase is the global financial services industry leader. This was successfully completedHis first live trade ever on blockchain, in compliance with Project Guardian by the Monetary Authority of Singapore.

The iconic financial institution took advantage of Polygon network’s cheap transaction fees to issue and trade tokenized assets in its first attempt in exploring the Decentralized Finance (DeFi) banking sector.

Polygon responds accordingly

MATIC (the native cryptocurrency of blockchain) saw an incredible rally in response to the above-mentioned developments. The currency went up almost 30% during the seven days.

Based on tracking CoingeckoAltcoin trades at $1.21 as of press time, and has increased more than 88% in the last 24 hours.

The monthly and biweekly charts show that the Polygon-owned digital currency went up by 42% and 45.4%, respectively.

The country has experienced significant capital flows as it has increased its assets. Overall valuation, which now currently stands at $10.73 billion, by more Than 22% – enough for the asset to maintain its rank as the 11thLargest cryptocurrency by market capitalization

MATIC’s year-to-date losses were also decreased to 37.2%, although they are still below its all-time high of $2.92 on December 27, 2021.

MATIC Whales Move

The Polygon network has been in overdrive for the past 24 hours. transaction volumesThe number of whale-related incidents soared. They are currently the most high in eight months.

A deep look at related data showed that some whales might have begun accumulating MATIC tokens two weeks before the huge crypto surge.

It appears that these traders timed trades to maximize their profits, which in cryptospace is basically the end goal.

The sharp drop in cryptocurrency supply on major exchanges last October 11 is a sign of this.

MATIC total market value at $10.5billion according to the weekly chart. Image courtesy of Analytics Insight. Chart courtesy TradingView.com| Featured image from Analytics Insight, Chart: TradingView.com

Disclaimer: This analysis should be understood as an individual's understanding of the crypto-market and not as investment advice.

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