Connect with us
Active Currencies 13836
Market Cap $2,404,037,618,313.98
Bitcoin Share 52.42%
24h Market Cap Change $-6.22

Polygon sets a new record as MATIC gears up for a move north

2min Read

Polygon concluded the week with a historic number of active addresses and a climb back to the $1 zone for MATIC.

Polygon sets a new record as MATIC gears up for a move north

Share this article

  • Polygon has seen the highest number of active POS addresses in its history.
  • MATIC has reclaimed the $1 price zone.

The Polygon [MATIC] network recently reached a milestone in the number of addresses. With this increase, did the number of transactions and MATIC respond accordingly?

Polygon active addresses set a new record

An analysis of the Polygon scanner showed a recent surge in address activity on the network.

The observed data showed that the number of active Proof-of-Stake (POS) addresses was over 1 million on 23rd February. This metric reflects the daily count of unique addresses actively engaging on the network as senders or receivers.

Significantly, the figure recorded on 23rd February marked the highest number of active addresses witnessed on the network. 

Polygon POS active addresses

Source: Polygon scan

Also, upon analyzing the daily transaction chart, it was noted that there was a recent uptick in transactions on the network.

However, this increase did not reach the peak observed in the number of active addresses. At the time of this writing, the daily transaction count was over 4.2 million.

Polygon TVL sees slight increase, but volume remains the same

An examination of the Polygon volume showed that similar to the daily transaction number, there was no corresponding response to the surge in active addresses.

The chart on DefiLlama revealed that the volume in the last 24 hours was about $138 million. This volume did not reach the highest levels in recent weeks, as it exceeded $300 million in January. 

However, there was a slight increase in the Total Value Locked (TVL). The analysis showed that the TVL began to increase slightly around 8th February, rising from about $850 million to about $870 million at the time of this writing.

Nevertheless, the increase in TVL was primarily attributed to the rise in the value of MATIC and other tokens on the network.

MATIC having a mixed week

Polygon experienced a rise to $1 for the first time since December on 20th February, with an increase of around 2.5%. However, a subsequent decline of over 6% the following day brought its price back below the $1 range.

Despite an attempted recovery of over 4% on 22nd February that pushed the price close to $1, it only reached around $0.9. 

Polygon price trend

Source: Trading View


How much are 1,10,100 MATICs worth today


Nevertheless, at the time of this writing, it had climbed back into the $1 price range, showing an increase of over 2%.

Throughout the fluctuations, MATIC maintained its trend above 60 on its Relative Strength Index. At the time of this writing, it was close to 65, indicating its strong price trend.

 

Share

Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.