MATIC Whale Transactions Skyrocket 2,930% as Price Approaches Critical Threshold

Polygon (MATIC), a prominent cryptocurrency, has experienced a substantial increase of 2,930% in its large transaction volume within the past 24 hours, as reported by IntoTheBlock.

This surge in large transactions, amounting to $163 million, indicates active participation from institutional investors and whales.

As MATIC continues its upward trajectory, approaching a crucial price level, it is worth noting that the Polygon proof-of-stake (PoS) network is set to undergo a significant upgrade called the Inborg Upgrade, aimed at enhancing network stability and finality.

According to IntoTheBlock data, Polygon (MATIC) has witnessed an impressive 2,930% surge in its large transaction volume over the past 24 hours.

The total value of these transactions stands at $163 million. Large transactions, defined as transfers exceeding $100,000, often involve institutional players or whales and can indicate significant buying or selling activity.

Polygon has been on a consistent upward trend since June 29, marking the fourth consecutive day of positive gains. On July 3, MATIC reached a three-week high of $0.721 before experiencing a minor pullback.

As of the time of writing, MATIC was slightly up in the last 24 hours, trading at $0.70. Over the past seven days, the token has gained nearly 5%.

Notably, MATIC faces a resistance barrier at the daily moving average 50 (MA 50) level of $0.757, while finding stable support near the $0.60 level.

Polygon’s proof-of-stake (PoS) network is preparing for a game-changing upgrade called the Inborg Upgrade.

This upgrade aims to enhance network stability and finality, addressing issues related to extended block reorganizations that affected user experience and chain stability earlier this year. Polygon Labs researchers have investigated the cause of these reorgs and proposed solutions to the community.

The Inborg Upgrade consists of two proposals within the Polygon Improvement Proposal (PIP) framework. The first proposal, Indore (PIP-12), focuses on improving network stability through a state sync mechanism enhancement.

The second proposal, Aalborg (PIP-11), introduces “Milestones” to achieve faster finality on the Polygon PoS network. The Inborg Upgrade will be implemented in two steps, with Aalborg scheduled for on-chain consensus in the following month.