- Polygon zkEVM whole transactions almost reached 300,000.
- Whale curiosity elevated in MATIC and market indicators seemed bullish.
On 14 February, Polygon [MATIC] revealed up to date statistics about its anticipated zkEVM. Polygon’s zkEVM was within the closing stage of testnet testing at press time.
The testnet *almost* reached 300k transactions, a milestone for the way forward for scaling Ethereum, and a testomony to the maturity of Polygon #zkEVM.
Different BIG NEWS is coming quickly. Till then, a fast rundown of all Polygon zkEVM metrics for final week, displaying continued momentum 📈 pic.twitter.com/lMpYATtGfe
— Polygon ZK (@0xPolygonZK) February 13, 2023
Is your portfolio inexperienced? Examine the Polygon Revenue Calculator
Through the time of the tweet, the zkEVM testnet’s whole variety of transactions has almost reached 300,000, which was a milestone for the way forward for scaling Ethereum [ETH]. Not solely did the variety of transactions enhance, however the whole variety of wallets rose from 83045 to 84702, which was a 2% enhance.
The identical remained true for whole deployed contracts and the variety of zk-proofs, as they elevated by 5.8% and a pair of.75%, respectively.
Whales consider in MATIC
WhaleStats, a preferred Twitter account that posts updates associated to whale exercise, identified that whales appeared assured in MATIC. As per the tweet, the token ranked third on the checklist of the cryptos being held by the highest 500 Ethereum whales.
🐳 The highest 500 #ETH whales are hodling
$651,269,941 $SHIB
$146,616,720 $BEST
$142,570,607 $MATIC
$141,187,680 $CHSB
$140,224,778 $LINK
$111,691,903 $BIT
$80,792,390 $LOCUS
$80,503,864 $UNIWhale leaderboard 👇https://t.co/tgYTpOm5ws pic.twitter.com/vHAvArgDoa
— WhaleStats (monitoring crypto whales) (@WhaleStats) February 13, 2023
Let’s take a look at MATIC’s on-chain efficiency to search out out, other than zkEVM’s hype, what helped garner whales’ curiosity. CryptoQuant’s data revealed that MATIC’s trade reserve was lowering, which was a constructive sign because it indicated much less promoting strain. The full variety of lively wallets buying and selling the token additionally went up.
As per Santiment’s chart, MATIC’s DyDx funding fee remained comparatively excessive over the previous week, which confirmed excessive demand from the futures market. As whale curiosity elevated, MATIC’s whole provide held by high addresses additionally went up barely, indicating traders’ confidence in MATIC. Nevertheless, MATIC’s improvement exercise seemed a bit regarding because it decreased over the previous few days.
Reasonable or not, right here’s MATIC market cap in BTC’s phrases
Going ahead
MATIC’s each day chart seemed fairly bullish, as most market indicators supported a worth hike. Apparently, the constructive indicators mirrored MATIC’s worth efficiency, as its worth elevated by greater than 2% within the final 24 hours. At press time, Polygon was trading at $1.20 with a market capitalization of over $10.4 billion.
MATIC’s Relative Power Index (RSI) was resting fairly above the impartial mark, which was a bullish sign. The Chaikin Cash Circulation (CMF) additionally adopted the RSI and remained comparatively up. Moreover, the Exponential Transferring Common (EMA) Ribbon revealed a large bullish benefit out there, growing the possibilities of a continued uptrend within the coming days.