According to U.Today, Ethereum layer-2 scaling solution Polygon (MATIC) has experienced a significant increase in large transaction volume, indicating increased whale activity. Large transactions, which exceed $100,000, have surged by 1,493.81% in the last 24 hours, totaling $102.87 million. This translates to 203.98 million MATIC in cryptocurrency terms, marking a seven-day high.
Despite this surge in whale activity, the price of MATIC has remained relatively stable, with a slight increase of 0.84% in the last 24 hours to $0.511. Future price movements for MATIC could see a sustained rebound targeting the daily moving averages 50 and 200 at $0.6118 and $0.808, respectively. However, if the market turns bearish, support is expected around the $0.42 range.
In other news, Polygon recently announced the launch of the Miden Alpha Testnet v3. Miden is a novel zkVM rollup currently in the testnet phase, which allows users to generate and execute their zero-knowledge proofs, a process known as client-side proving. This enables developers to create dApps that allow users to prove their local state, offering sovereignty and significantly higher throughput than traditional systems.
Additionally, TON Applications Chain (TAC) is developing a zk-powered layer-2 network with Polygon CDK. This network will connect to the AggLayer, facilitating smooth interoperability and unified liquidity across the TON blockchain ecosystem.
