This year so far has been marked by social networking platforms coming up with different ways to immerse various elements of NFT technology as service offerings. The latest platform to try this is Reddit. On 7 July, it announced the launch of “Blockchain-Backed Collectible Avatars.”
According to the announcement blog, the limited-edition collectible avatars are currently “stored on Polygon” because of the protocol’s “low-cost transactions and sustainability commitments.”
Following the announcement, MATIC has been on an uptrend. Here is all you need to know about the coin’s performance over the last three days.
An overview of the last 72 hours
MATIC was trading at $0.52 before the announcement on 7 July. Priced at $0.5746 at press time, the altcoin’s price saw an 8% hike in three days. Within that period, the coin’s market capitalization also registered a 10% hike from $4.18 billion on 7 July to $4.60 billion.
Interestingly, during a 24-hour window period, the crypto saw a decline in its performance. According to data from Santiment, with the price pegged at $0.5746, a 3% decline was logged.
Data from CoinMarketCap also revealed a 55.75% decline in trading volume over the last 24 hours.
Source: Santiment
Now, although MATIC declined slightly over the last 24 hours, the Relative Strength Index’s (RSI) position showed increased accumulation.
At press time, this was pegged at 55.36. Similarly, on the daily timeframe, the Money Flow Index was spotted on an upward curve at 57.79. With the MACD marked by green histogram bars over the last few days, investors seemed bullish too.
Source: TradingView
What happened on Friday?
On-chain assessment of MATIC’s performance over the last three days revealed a steady decline in key metrics since 8 July. After the price hit a high of $0.611 during the intraday trading session on 8 July, key metrics also saw a rally. However, as the price declined, these metrics also fell.
For example, the number of unique addresses involved in MATIC transactions noted a high of 3582 on 8 July. At the time of writing, daily active addresses stood at 708 – An 80% hike since Friday.
Similarly, new addresses created on MATIC’s network rose to 1723 on 8 July. However, it has since recorded a 17% drawdown.
Source: Santiment
While capitalizing on 8 July’s price rally, the whale transaction count also spiked that day. Whale transactions over $100k rose by 27% on 8 July. It fell soon after, however.
For whale transactions above $1M, the count touched a high of 121 transactions on 8 July. At the time of writing, this stood at 6.
Source: Santiment
