Polygon’s ‘1 million’ milestone leaves MATIC whales with THIS decision
  • Polygon has consistently exceeded 1 million daily active users over the past month
  • MATIC price records a rise as interest in NFT increases

While the focus of the crypto ecosystem has shifted to different sectors from meme coins to layer 2 networks, Polygon has maintained steady growth within the ecosystem.

Polygons indicate consistency

In fact, recent data shows that Polygon’s Proof of Stake (PoS) network consistently exceeded 1 million active addresses every day for 30 consecutive days.

Source: X

One of the reasons behind the growth of activity on the Polygon network was the high interest shown in the NFT sector. Analysis of Artemis data by AMBCrypto reveals that Polygon’s NFT trading volume has spiked significantly over the past few days.

Additionally, NFT collections such as CyberKongz and cryptohat recorded significant levels of interest during this period.

read polygons [MATIC] Price prediction for 2024-2025

Source: Artemis

While we have seen growth in the NFT sector, the same could not be said for Polygon when it comes to the DeFi sector. Over the past week, TVL (Total Value Locked) connected to the network has decreased from $1.1 billion to $890 million. Additionally, the trading volume of his DEX (decentralized exchange) on the Polygon network has also decreased.

What this means is that most users prefer to use other platforms for DeFi-related activities. If this trend continues, it could have a negative impact on your network in the long run.

Source: Artemis

How was MATIC?

At the time of writing, MATIC is trading at $0.6828, with the altcoin up 1.03% in the past 24 hours. Other than that, the price of his MATIC has fallen significantly over the past month.

However, despite the price drop, the total number of addresses holding MATIC continued to increase. This shows that even though MATIC appears to be accumulating, it is not significant enough to cause any changes in terms of price.

read polygons [MATIC] Price prediction for 2024-2025

Source: Santiment

What could change the course of MATIC is if whales start showing interest in MATIC and start buying large amounts of tokens.

Fortunately, AMBCrypto’s investigation of Santiment’s data reveals that addresses holding between 1,000 and 1,00,000 tokens are starting to show interest in MATIC again. If this level of accumulation continues, MATIC price could rise significantly and reach previously claimed levels near $1.27.

Source: Santiment

Next: Here’s why ‘safe’ Bitcoin miners sold off big just before the halving

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