Whales have recently become much more active, dumping trades valued more than $100,000 in Polygon MATIC, according to popular analytics tool Santiment, who just released this information on Twitter.
Moreover, a significant American banking behemoth has hired Polygon blockchain to handle its first DeFi transaction. In the previous day, the coin’s price increased by more than 17%.
According to Santiment, since February, the number of transactions involving MATIC that totaled over $100,000 has peaked.
Additionally, the company’s analytics team believes that the peak in transactions may have been anticipated by the fact that, by the middle of October, whales’ MATIC holdings had increased to over 10 million.
According to information provided by WhaleStats, the 100 whales with the biggest total holdings on the Ethereum network currently hold $37,377,294 in Polygon’s native currency.
Polygon is the first DeFi transfer used by JP Morgan :
A customized version of the Aave token was used by the titan of American finance, JP Morgan Chase, to carry out its first-ever DeFi transfer using the Polygon chain architecture two days ago.
The bank’s transfer wasn’t intended to engage in crypto trading; rather, it was an exploration into decentralized finance, which was the bank’s initial step.
It tokenized $71,000 and traded it for tokenized yen supplied by Japan’s SBI Digital Asset Holdings as part of an experiment. Standard Chartered Plc, HSBC Holdings Plc, and DBS Bank Ltd. all participated in this pilot.
The use of Polygon by Instagram is part of their NFT drive. According to a recent tweet from the platform’s co-founder Sandeep Nailwal, he won’t stop working until MATIC joins Bitcoin and Ethereum as one of the top three cryptocurrencies.
“I won’t stop till @0xPolygon joins BTC & ETH in the deserving “Top 3.” The competition is incomparable. the launch of @0xPolygon in a single day by @jpmorgan & @instagram”