The previous seven days have been powerful for the Polygon MATIC market, dropping over 20% as may be seen within the chart under: That is stunning contemplating that MATIC was on the rise in mid-August and broke via a number of main resistances.
The cryptocurrency market has been fluctuating up and down in current weeks, however the precise motive why MATIC’s worth has fallen under 20% is unclear.
This drop in MATIC worth comes at a time when a number of vital occasions are occurring, which can possible occur quickly for the token.
On September 4th, Polygon shall be upgrading by transitioning from MATIC to POL tokens, and lots of exchanges reminiscent of Binance are able to welcome Polygon's transition from MATIC to POL.
The brand new POL token will exchange MATIC because the chain's native fuel and staking asset, as a part of Polygon's deliberate rebranding from July 2023, because it transitions to Polygon 2.0 to assist construct the undertaking as the worth layer of the Web.
As Santiment factors out, crypto analytics agency MATIC has skilled a rise in on-chain exercise amid the value drop.
Santiment took to X (previously Twitter) to submit in regards to the sudden surge in Polygon on-chain exercise after greater than six months of decline.
📊 Polygon is one in every of many networks to have fallen because the cryptocurrency pullback started in March. Nonetheless, a noticeable spike in on-chain exercise could possibly be an indication {that a} MATIC reversal is imminent. A spike in lively addresses and dormant cash is a typical sign that precedes this. pic.twitter.com/RY5NXe10ZW
— Santiment (@santimentfeed) August 28, 2024
As may be seen from the chart, on-chain exercise has elevated over the previous few days, with most notably, on August twenty eighth, 3,369 MATIC addresses turned lively on the Polygon community, the second busiest day this yr, and spent MATIC Age (the motion of dormant cash) skyrocketing to 69 billion.
On the time of writing, MATIC is buying and selling round $0.4263, up 1.2% over the previous 24 hours, down -14.04% over the previous month, and down -22.41% over the previous yr.
Disclaimer: The data offered by WebsCrypto doesn’t signify any funding recommendation. Articles printed on this web site signify private opinions solely and don’t signify the official place of WebsCrypto in any manner.
