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Can MATIC maintain the ongoing hype around Polygon’s latest updates

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Data analytics platform, Santiment posted a update on Polygon [MATIC] as of on 5 November. According to the tweet Polygon’s prices have grown tremendously since the beginning of November. Furthermore, it also witnessed significant network growth in the same time frame. 

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Here’s AMBCrypto’s Price Prediction for Polygon [MATIC] for 2022-2023

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All okay MATIC?

One reason stated for the same was Polygon’s growth in the social sector. As can be seen from the image below, Polygon and MATIC appeared on Santiment’s social trends list. This indicated a high interest in MATIC from the crypto community. 

Source: Santiment

To back this up, data from LunarCrush also revealed that over the past week, the number of social mentions for Polygon had grown by 93.45%. Additionally, the number of social engagements also increased by 109% in the last week.

On a positive note

The weighted sentiment around MATIC remained as positive as around Polygon. Additionally, the weighted sentiment around the latter grew tremendously over the past few weeks. However, the transaction count on the Polygon network declined over a similar time period. This pointed towards the conclusion that the number of transactions being made on the network had reduced. 

Although the transaction count had declined, Santiment reported that Polygon’s network growth was the highest it had been in months. This implied that the number of new addresses that transferred  the MATIC token for the first time had increased. 

Source: Santiment

​​Polygon also performed well in the DeFi space as well. From the image below, it can be observed that Polygon’s TVL grew considerably over the past few weeks. At press time, the total value locked by Polygon was at $1.37 billion. This value appreciated by 6.91% in the last 24 hours, according to DeFiLama.

Source: DeFi Lama

Polygon’s dApps such as QuickSwap and The Sandbox also managed to observe some growth in terms of unique active wallets as well. According to DappRadar, the number of unique active wallets on QuickSwap grew by 17% over the last week. For The Sandbox, the growth was 14% during the same period.

At press time, MATIC was trading at $1.18 and appreciated by 6.48% over the past 24 hours. Its volume increased at the same time as well, growing by 16.98%.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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