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Certain on-chain metrics suggest that blockchain scaling solution Polygon (MATIC) could be on the verge of a price reversal, according to the crypto analytics firm Santiment. Santiment notes MATIC recently witnessed a spike in active addresses and dormant coin movement. “Polygon has been among the many networks declining since crypto's retrace began back in March.
USDC and DAI maintain more decentralized holdings, with top wallets controlling less than 25% of their market caps, as per Santiment.
MATIC whales have amassed a staggering 70% of the total circulating supply. How will this impact MATIC's future?
DeFi tokens and meme coins in the Ethereum ecosystem have the highest centralization, with the top 10 investors controlling the lion's shares.
Polygon warms up: appointment on September 4th for the conversion of the MATIC token into POL
The selling pressure is increasing this week with increasing liquidations in the broader market. Following last week's recovery, Polygon shares the bearish trend with other top altcoins. As the supply grows, the MATIC price drops under $0.50 and warns of a $0.38 retest.
Polygon's cryptocurrency, MATIC, has faced a difficult year marked by significant price declines. Over the past year, MATIC's value has dropped by more than 21%, and in the past week alone, it has plummeted by 17.7%.
TL;DR Polygon Ventures led a $20 million funding round for EMC, focused on integrating computing power with decentralized AI. EMC will launch a Layer 1 blockchain designed to enhance GPU computing capabilities in AI and DeFi projects.
Polygon's native token MATIC prices have dropped by 25% after jumping to a two-month high of around $0.58 on Aug. 25.
MATIC has seen a significant value drop, but data suggests a potential bullish turnaround for the token.
On-chain data shows that some activity metrics related to Polygon have surged recently, which could be positive for the asset's price. Polygon Active Addresses & Age Consumed Have Spiked Recently In a new post on X, the on-chain analytics firm Santiment discussed the latest trend in two MATIC indicators.
Polygon Ventures led a funding round for the multi-chain infrastructure project Edge Matric Chain (EMC). The investment will expand the network's reach within the AI sector.
According to on-chain analytics firm Santiment, Polygon's on-chain activity is surging, with major dormant wallets suddenly coming to life.
EMC plans to offer $5 million in rewards through two stages of incentive programs, with a testnet incentive program starting on August 17.
The world's largest crypto exchange, Binance, has announced that it will support Polygon token migration from MATIC to POL. The exchange disclosed that it will stop accepting deposits and withdrawals by September 09, 2024.
Polygon MATIC: a price context in difficoltà
Despite the recent surge in on-chain activity, MATIC price performance has been dismal.
In the last one year period, Polygon's cryptocurrency, MATIC, has witnessed a decline of at least 21.6%. In this week alone, it has marked a fall of 17.7%. The price of MATIC touched a peak of $1.2700 in mid-March. Since then, the market has been losing its strength.
Binance announces support for the Polygon (MATIC) token swap to Polygon (POL), with detailed instructions and timelines for users.
On-chain activity for the Ethereum layer-2 network has picked up recently, but token prices remain at deep bear market levels.
Polygon has recorded a notable increase in on-chain activity despite the bearish flip in crypto that has sent MATIC plummeting.
MATIC's price correction follows a broader market correction that has seen Bitcoin (BTC) again trading below $60,000.
TL;DR Polygon has launched an update allowing users to convert MATIC to POL through the Portal, enhancing the network's functionality and efficiency. The automatic conversion of MATIC to POL will be completed on September 4th for tokens on Polygon PoS and staked on Ethereum, requiring no additional action from PoS users.
The Solana restaking protocol said it would use the new funding to emulate EigenLayer's approach to "shared economic security."
