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It’s all green for the Polygon ecosystem, but does MATIC see red

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  • Polygon’s GameFi and NFT ecosystem registered noteworthy growth 
  • However, the metrics did not look favorable for MATIC’s price action

Polygon’s [MATIC] GameFi ecosystem recorded another achievement on 11 December as the blockchain partnered with Earn Alliance. The primary objective of this new association was “to bring 100 million gamers to Web3.”

Through this collaboration, Earn Alliance will take advantage of the Polygon network’s low gas fees, quick translation times, and minimal carbon footprint to produce more immersive blockchain gaming experiences.

Read Polygon’s [MATIC] Price Prediction 2023-2024

Polygon NFTs grow as well

Polygon grew not just in the GameFi space, but also in its NFT ecosystem. In a tweet dated 10 December, Sandeep Nailwal, co-founder of Polygon, revealed that the company’s NFT buyers were “growing exponentially.”

Santiment’s chart revealed that Polygon’s total NFT trade count spiked last week. The total NFT trade volume followed a similar path and rose on 6 December. However, the figure declined over the last few days.

Source: Santiment

Moreover, Polygon’s users per week followed a similar trend and registered an uptick over the past few months. This was yet another optimistic update for the blockchain. 

Is the crypto winter to blame?

Despite the aforementioned developments, MATIC‘s weekly growth was negative. According to CoinMarketCap, MATIC was down by 5% over the last week. At the time of writing, was trading at $0.8858 with a market capitalization of $7,736,492,248.

The blockchain’s on-chain metrics also shed some light on the current scenario. MATIC’s Market Value to Realized Value (MVRV) Ratio declined considerably over the past week. This was a massive bearish indicator. The blockchain’s network growth also plummeted on 12 December. 

Source: Santiment

However, CryptoQuant’s data provided some relief to the investors, as it indicated a price increment on the horizon. MATIC’s exchange reserve decreased, which was a bullish signal as it indicated less selling pressure.

Furthermore, the number of active addresses and transfer volume also registered a spike. Interestingly, MATIC remained popular in the crypto space despite its negative price action. The altcoin managed to top the list of cryptocurrencies in terms of social activity on 11 December.

 

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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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