Altcoin

Polygon: Achievements might take longer to reflect on MATIC’s price

Published

2 years ago

on

  • Polygon’s NFT space continues to grow as metrics surge considerably. 
  • MATIC’s exchange reserve was high, suggesting increased selling pressure.

In a tweet, Polygon [MATIC] revealed that y00ts, which recently announced migrating to the network, finished over 75% of its migration in just over 24 hours.

Reportedly, more than $464,000 of secondary sales volume has been generated since migration began. Interestingly, y00ts holders will be getting rewards and several benefits over the coming weeks. 

Is your portfolio green? Check the Polygon Profit Calculator

NFT growth has just begun!

As y00ts continues to migrate fully, several metrics revealed that Polygon’s NFT space was growing considerably. A look at Santiment’s data highlighted that there had been a massive increase in Polygon’s NFT trade count and trade volume in USD. 

Source: Santiment

Not only that, CRYPTOSLAM revealed that Polygon’s NFT sales spiked by over 17% in the last 24 hours. The total number of buyers also went up by more than 20%, which was good news for the network. 

Is Polygon zkEVM still a topic of discussion?

As Polygon’s NFT metrics continued to surge, the blockchain announced that Soulbound NFT holders will be receiving gifts in the form of NFTs from the first collection on zkEVM. 

Moreover, another good news for zkEVM was that The Graph will support Polygon zkEVM’s mainnet beta. Users can build on zkEVM using Subgraph Studio.

It was also interesting to note that Polygon’s co-founder, Mihailo Bjelic, described zkEVM as the “holy grail of scaling.”

As per Dune’s data, zkEVM’s popularity has been on the rise as its unique depositors have increased continuously since its launch. 

Source: Dune

Realistic or not, here’s MATIC market cap in BTC‘s terms

MATIC’s reaction has disappointed many

Though the Polygon network seemed to be in good health, MATIC, on the other hand, has been struggling of late. CoinMarketCap’s data revealed that MATIC’s price declined by over 5% in the last seven days. At press time, it was

trading at $1.08 with a market capitalization of more than $9.8 billion.

As per CryptoQuant, MATIC might have to endure a few more hard days as its exchange reserve was increasing. This is a bearish development, suggesting higher selling pressure.

MATIC’s development activity also took a back seat last week as it declined sharply. Nonetheless, thanks to the hype around zkEVM, the token’s social volume went up just like the number of daily active addresses. 

Source: Santiment

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