Connect with us
Active Currencies 14574
Market Cap $2,665,526,463,847.16
Bitcoin Share 50.18%
24h Market Cap Change $-1.24

Polygon teases new launch even as MATIC plummets

2min Read

Polygon has released a new blog highlighting the capabilities and launch date of its upcoming Polygon Miden. MATIC is down by over 3%, but a few market indicators are bullish. 

Amidst a price plummet, Polygon teases its upcoming Maiden’s launch 

Share this article

  • Polygon’s daily active addresses and transactions have been moving up for quite a few weeks. 
  • MATIC’s price declined along with its Open Interest, suggesting a trend reversal.

Polygon’s [MATIC] network activity has gained upward traction for quite a few months now, reflecting higher usage. The growth could be further fueled by the blockchain’s upcoming launch, Polygon Miden, which is expected to go live by the last quarter of this year. 


How much are 1,10,100 MATICs worth today?


The update will not only add new capabilities but will also lend a helping hand to improve privacy. However, the hype around the launch is yet to be reflected on the blockchain’s native token’s price chart, as its 24-hour chart was painted red at press time. 

Polygon’s network activity looks promising 

As per Artemis, Polygon’s daily active addresses metric has been on an increasing trend for weeks. The same remained true for its daily transactions, which reflected high usage of the network. The network’s value also went up, which was evident from the blockchain’s TVL.

Moreover, after a plummet on 8 July, Polygon’s fees gained upward momentum, which was an optimistic sign. 

Source: Artemis

Amidst this, a recent blog post from the blockchain revealed that Polygon Miden continued to make progress toward a public testnet. It will likely be released in Q4 2023.

Notably, Polygon Miden prioritizes zk-friendliness over EVM compatibility. It also uses a novel state model to exploit the full power of a zk-centric design.

A quick look at MATIC’s state

While Polygon’s network stats looked encouraging, MATIC investors were not happy as the bull rally came to an end. As per CoinMarketCap, the token’s price declined by more than 3% in the last 24 hours. At press time, it was trading at $0.7552 with a market capitalization of over $7 billion.

CryptoQuant’s data revealed that the token was under selling pressure at the time of writing. MATIC’s exchange reserve was on the rise as well, which could be a cause for trouble. 


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


However, the rest of the metrics favored a price uptick. For instance, as per Coinglass, MATIC’s Open Interest was declining. A decline in the metric means that the current price trend might soon end.

Polygon’s active addresses were also high at press time, which is, by and large, a positive signal. 

Source: Coinglass

Share

Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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.