Crypto Whale Activity Increases As $DOGE, $UNI, and $MATIC Prices Rebound
According to on-chain data, cryptocurrency whale activity has increased for most altcoins. The biggest gains were recorded by the popular meme token Dogecoin ($DOGE). Others include the Uniswap governance token ($UNI) and the Polygon ($MATIC) layer-2 scalability solution for Ethereum.
In line with a broader cryptocurrency market rebound, the industry surpassed the $1 trillion market cap. In addition, cryptocurrency whale activity has significantly increased, according to data provided by on-chain analytics company Santiment.
Furthermore, Santiment pointed out that blockchain transactions with a value greater than $100,000 constitute “whale behavior” in the context of cryptocurrencies.
Are Whales Hodling Assets?
The values of MATIC and UNI spiked over the last 30 days, increasing by 94 percent and 39.5 percent, respectively. However, Uniswap recorded a surge in trading volume, and as a result, service charges also rose.
Meanwhile, Polygon launched a new scaling solution for its network. Whether the whales choose to buy or sell their holdings is still unclear.
The Polygon team has launched the Polygon zkEVM, also known as the zero-knowledge Ethereum Virtual Machine. The newly launched protocol is marketed as the first-ever Ethereum-compatible scaling system.
For emphasis, zero-knowledge proofs are a type of validation between two entities. It also allows one to demonstrate to the other that they are aware of a given set of facts without disclosing them.
The zkEVM solution was initially touted by Polygon in July last year. The company claims that it is built to integrate all current smart contracts seamlessly. In addition, developer tools and wallets on the network can reduce user latency by doing away with code.
Following the news of the Polygon zkEVM launch, the price of MATIC shot up.
Cardano Activity Sees Improvement
In another development, data from Santiment has revealed that development activities on the Cardano network have improved. The on-chain platform disclosed that Cardano has managed to stay ahead of other crypto assets by upscaling in the past 30 days.
Amid the broader crypto market recovery, the closest digital asset in terms of performance behind Cardano is Ethereum. The king of altcoins has moved upward by more than 40% as development activities between the top cryptos heat up.
Cardano has outperformed its competitors in terms of development activity. The activity measures the “number of GitHub events the project organization generated.” As a result, Cardano has surpassed Polkadot ($DOT) and its subsidiary, Kusama ($KSM), IOTA ($MIOTA), Flow ($FLOW), and Ethereum.
The crypto market is steadily recovering from the massive bloodbath that has enveloped the industry for weeks. More importantly, the top-performing assets are also making considerable gains in the market over the past few days.
Large crypto asset hodlers are beginning to appear again after the initial scare following the market collapse. Meanwhile, traders and investors are again buoyed by the positive sentiments over the market’s progress.
It will be interesting to see how far the market rebound will last, as there is still a long way to go before it returns to its former glory.
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