Journalist
Posted:
- The increase in active addresses caused Polygon’s daily transactions to spike.
- MATIC moved marginally, but whales’ confidence in the token was high.
Polygon [MATIC] witnessed a major uptick in its network activity on 8 September, even as the crypto market remained somewhat passive. The hike in its network activity directly meant more usage, which looked encouraging, especially in the current market condition.
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A closer look at the blockchain’s ecosystem pointed out a few updates that could help further boost network activity in the days to follow. However, these updates have yet to be reflected on MATIC’s price, as its chart continued to move sideways.
Polygon is gaining momentum
On 8 September, X (formerly Twitter) account Today In Polygon pointed out that in just two weeks, the blockchain’s daily active addresses surged by more than 26%.
JUST IN:
Polygon PoS daily active users have increased 26% over the last 2 weeks. pic.twitter.com/YqPKfKKkpL
— Today In Polygon (@TodayInPolygon) September 8, 2023
This was further established by Artemis’ data, which revealed that after a dip on 27 August, MATIC’s active addresses gained upward momentum. Thanks to the increase in addresses, the blockchain’s daily transactions also went up during the same period.
Source: Artemis
In addition to network activity, captured value also registered an increase of late. Notably, the blockchain’s fees and revenue increased over the last few weeks. However, the case with its TVL was different, as it kept dropping – a concerning signal.
Source: Artemis
Polygon’s growth potential is immense
While the blockchain’s network activity grew, a few noteworthy developments took place in the recent past, which could also contribute to Polygon’s stats. For instance, on 8 September, Casio announced that it would partner with Polygon.
This Week in Polygon!
A recap of all the biggest news and updates🧵👇 pic.twitter.com/kIgGhOjSZ4
— Today In Polygon (@TodayInPolygon) September 8, 2023
Additionally, Sandeep Nainwal, co-founder of Polygon, revealed that Mirae Assets will be collaborating with Polygon Labs to conduct joint research. All of these have immense potential and might soon show their effects on Polygon’s network activity charts in the coming months.
MATIC lays low
MATIC, however, did not respond positively to these developments as its price action was sluggish. As per CoinMarketCap, the token’s price only moved marginally last week. At press time, it was trading at $0.5419 with a market capitalization of over $5 billion.
Read Polygon’s [MATIC] Price Prediction 2023-24
CryptoQuant’s data revealed that both MATIC’s exchange reserve and exchange netflow were red, which meant that the token was under selling pressure. Nonetheless, whales’ confidence in MATIC was high, as the supply held by top addresses rose.
Interestingly, MATIC’s development activity spiked last week, which could be attributed to the aforementioned updates.
Source: Santiment
