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Did Donald make Polygon [MATIC] triumph over other cryptocurrencies?

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Did Donald make Polygon [MATIC] triumph over other cryptocurrencies?
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  • Polygon outperformed other major protocols in terms of daily active users.
  • It witnessed a spike in NFT activity as well, which could be attributed to the launch of an NFT collection by Donald Trump.

New data by Token Terminal revealed that the number of daily active users on Polygon’s [MATIC] network grew rapidly over the past few days, outperforming popular protocols such as Arbitrum, Optimism [OP], and Solana [SOL].

Read Polygon’s [MATIC] Price Prediction 2023-24

Polygon users get active

The data suggested that the number of users on Polygon grew steadily after September. However, the number of users on Solana declined during the same period. Even though Arbitrum and Optimism observed growth, it wasn’t enough to compete with Polygon.

One reason for Polygon‘s increasing network activity could be its growing number of technical developments.

In a recent tweet made by Bobbin Threadbare, a developer working on the Polygon technology, it was mentioned that new hash functions were being worked upon. These hash functions would improve the state of zero-knowledge proofs on Polygon and improve the time taken for each transaction to complete.

Despite these developments, Polygon’s price action saw little movement in either direction.

The price for Polygon plummeted by 39% from 7 – 21 November. After this, the price tested the $0.95 resistance and continued to fluctuate within the $0.87 and the $0.95 range. 

The high CMF of 0.10 indicated a positive outlook for MATIC. However, the declining revenue hinted that the momentum was still with the buyers at the time of writing.

Source: Trading View

One factor that could regenerate interest in Polygon and could help MATIC’s prices could be Polygon’s activities in the NFT sector.

The Trump card

In a recent update, Sandeep Nailwal, the co-founder of Polygon, announced that the former president of the USA, Donald Trump, launched his NFT collection on the Polygon network. This development could bring more attention to the Layer-2 solution. 

At the time of press, 45,000 Trump NFTs were minted, according to data by Dune Analytics. The hype around the new Trump NFT collection, along with the success of the previously launched Reddit Collectibles, could help improve the state of Polygon’s NFT activity.

Due to multiple developments on the NFT end, Polygon’s weekly NFT marketplace transactions increased significantly over the past two weeks.  

Source: Dune Analytics

However, it remains to be seen whether these positive developments will impact Polygon’s growth in the long run. 

 

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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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