Altcoin
A recap of Polygon on-chain milestones related to its prediction markets
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contributor
- Polygon is set for a clearer path for investors, thanks to prediction markets.
- MATIC’s whale activity has also slowed down in the last week of December.
2022 was a great year for Polygon and MATIC as far as partnerships and developments are concerned. The only letdown was the bearish market conditions. But can 2023 turn out more favorable on multiple fronts?
A 45.12x hike on the cards if MATIC hits Bitcoin’s market cap?
The good thing is that Polygon can continue building on the achievements that it made last year. One particular development that may help investors is Bhavish Finance’s No-Loss prediction market feature for Polygon. It was among the key developments for the network this year and its latest update revealed important milestones for the network.
? 2022 was a great year for Bhavish since we launched the first No-Loss prediction market on @0xPolygon
? We're proud to have accomplished key milestones in the last few months
? Here's a breakdown showing our on-chain growth on @0xPolygon over the last two months
— Bhavish Finance ? Prediction Market (@BhavishFinance) December 30, 2022
According to the update, the total number of predictions soared above 1.2 million. This accounts for predictions related to cryptocurrencies, stocks, quests, and commodities. The update reported that the number of weekly active users surpassed the 1,100 mark after achieving healthy growth in the last two months.
ETH whales make a move on MATIC
The prediction market is not the only positive news for Polygon as it ushers in 2023. The network’s native cryptocurrency MATIC just kicked off the year by entering into the list of the top 10 most purchased tokens among the 100 biggest ETH whales.
JUST IN: $MATIC @0xPolygon is back on top 10 purchased tokens among 100 biggest #ETH whales in the last 24hrs ?
Check the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#MATIC #whalestats #babywhale #BBW pic.twitter.com/srLTSdAZic
— WhaleStats (tracking crypto whales) (@WhaleStats) January 1, 2023
MATIC’s supply distribution confirms that there is incoming demand from some addresses, especially those in the 10 million to 100 million bracket. Despite the favor from ETH whales, the largest whale category holding over 100 million are contributing to selling pressure.
Source: Santiment
Most of the other top whale categories are currently contributing to selling pressure. Whale activity has also slowed down in the last week of December as opposed to the rest of the month. This might be a sign that buying pressure is still low.
Source: Santiment
The above outcome may explain why MATIC’s price action was overall bearish in the last week of 2022. The price finally gave in to the bears after hovering within the 200-day moving average. Nevertheless, the price was still trading above its four and six-month highs, at press time.
Source: TradingView
How many MATICs can you get for $1?
What should MATIC holders expect?
MATIC may continue to experience more price slippage in 2023 if the whales continue offloading their holdings. The fate of the crypto market still hangs in the balance, at the mercy of global economic conditions.
We may see a bit of an uptick if the market recovers but so far there is no indication that a pivot is about to happen.
