Crypto Whale Activity Surges for $DOGE, $UNI, and $MATIC as Market Rebounds
On-chain data shows that cryptocurrency whale activity has surged for an umber of altcoins, including the meme-inspired cryptocurrency Dogecoin ($DOGE), Uniswap’s governance token $UNI, and Ethereum layer-2 scaling solution Polygon ($MATIC).
According to data shared by on-chain analytics firm Santiment, cryptocurrency whale activity surged for these cryptocurrencies amid a wider cryptocurrency market recovery that saw the space go over the $1 trillion market capitalization.
Santiment noted that cryptocurrency whale activity was defined by transactions above $100,000 being made on the blockchain.
🐳 With many #altcoins enjoying a solid rebound to their market caps in July, we can see the amount of $100k+ valued whale transactions are beginning to rise. $DOGE, $MATIC, & $UNI are noticeably seeing rises in these large transactions on their networks. https://t.co/XYEQPr6mWG pic.twitter.com/JR97zQuqXa— Santiment (@santimentfeed) July 19, 2022
While it isn’t clear whether whales are buying or selling these assets, the price of both MATIC and UNI shot up over the past 30 days, moving up 94% and 39.5% respectively as the Uniswap decentralized exchange saw its trading volume surge and as a consequence fee-related revenue rise, and as Polygon introduced a new scaling solution.
Polygon announced the launch of Polygon zkEVM (zero-knowledge Ethereum Virtual Machine), which is said to be the first Ethereum-compatible scaling solution using zero-knowledge proofs.
Zero-knowledge proofs are a verification method that takes place between two parties, in which one is able to prove to the other that they have knowledge of a specific set of information without revealing the information itself.
Polygon first teased zkEVM back in July 2021, and says the solution is designed to work effortlessly with all existing smart contracts, developer tools, and wallets on the network while creating less user friction by removing the need for code reimplementations. MATIC’s price surged on the news of Polygon zkEVM’s launch.
Recently, Santiment data has shown that development activity for Cardano ($ADA) has managed to remain above that of other top cryptocurrencies over the past 30 days, even amid a cryptocurrency market recovery that saw its rival smart contract network Ethereum ($ETH) move up over 40%.
Cardano’s development activity, which tracks “the number of GitHub events that the project organization generated” has managed to remain above that of its rivals, towering above Polkadot ($DOT) and its canary network Kusama ($KSM), Ethereum, IOTA ($MIOTA), and Flow ($FLOW), among others.
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