MATIC price’s 34% monthly fall – Here’s why it’s not all bad news
  • Polygon’s NFT sales jump 9.6% in the past 24 hours
  • The whales were busy collecting MATIC at a discounted price.

Despite how MATIC is performing in terms of price, Polygon continues to be the leader in a very important aspect. Namely, non-fungible token (NFT) activity on the Ethereum Virtual Machine (EVM)-based blockchain in April.

Polygon’s NFT Market Tracking

According to AMBCrypto research, dune analysis According to its dashboard, Polygon processed approximately 3.4 million transactions on April 15, a nearly 10% increase from transactions a week earlier. Polygon’s superiority can be measured by the fact that the second-best performing BNB Chain recorded only 1.9 million transactions, almost half as many as Polygon.

While Polygon clearly dominated the EVM rankings, the overall market performance was equally impressive. According to CryptoSlam data, Polygon was the fourth-largest chain by NFT trading volume in the past 24 hours at the time of writing, with a 9.6% jump in sales topping $2.5 million.

In fact, the network has held the No. 4 spot for more than a month, trailing higher Layer 1 (L1) chains such as Ethereum, Bitcoin, and Solana.

Polygon NFT sales

Source: CryptoSlam

Does high NFT activity increase the combustion rate?

MATIC, like many other cryptocurrencies, derives its value from transaction activity on its parent chain. A portion of the fees paid on MATIC is burned on every trade, creating a deflationary effect on the coin.

according to burn tracker.io, approximately 48,865 MATICs went up in smoke in the past 24 hours. Although we can’t say for sure, MATIC reacted slightly to this event, increasing by 1% in 24 hours. coin market cap.

But over a broader period, MATIC has struggled, plummeting nearly 34% in just one month.


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Whale bag MATIC is on sale at a discounted price

Meanwhile, MATIC whales took advantage of negative price movements to increase their positions. AMBCrypto found using Santiment data that the number of user groups holding between 10 and 1 million coins steadily increased while the price reversed.

This shows that wealthy investors are confident in MATIC’s medium-term prospects and are therefore adding to it.

MATIC whale behavior

Source: Santiment

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