{"id":339304,"date":"2023-08-29T16:00:30","date_gmt":"2023-08-29T10:30:30","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=339304"},"modified":"2023-08-29T12:17:38","modified_gmt":"2023-08-29T06:47:38","slug":"as-polygon-awaits-pip-approval-matic-gets-back-on-track","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/as-polygon-awaits-pip-approval-matic-gets-back-on-track\/","title":{"rendered":"As Polygon awaits PIP approval, MATIC gets back on track\u00a0"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Sandeep Nailwal pointed out the benefits POL will bring if the PIP gets approved.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">MATIC\u2019s daily chart turned green, and a few metrics were bullish.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Over the last month,<\/span> <span style=\"font-weight: 400;\">Polygon [MATIC]<\/span><span style=\"font-weight: 400;\"> shed a substantial amount of its market capitalization, pushing it down to the 13th spot on the list of top cryptos. However, if Polygon\u2019s latest PIP is approved, the blockchain could be one to watch out for, and here&#8217;s why.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read<\/span> <a href=\"http:\/\/ambcrypto.com\/predictions\/matic-network-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Polygon\u2019s [MATIC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-24<\/span><\/p>\n<hr \/>\n<h4><strong>Polygon losing its ground?\u00a0<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">According to<\/span> <a href=\"https:\/\/coinmarketcap.com\/currencies\/polygon\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, MATIC\u2019s price dropped by more than 20% in the last 30 days. In comparison, Polkadot [DOT] and Tron [TRX], which have somewhat similar market caps, only bled 11% and 9%, respectively. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing,<\/span> <a href=\"http:\/\/ambcrypto.com\/will-polygons-gaming-sector-help-matic-stabilize\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\"> was trading at $0.5592 with a market cap of $5.2 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The massive drop in price caused the majority of investors to bear losses. Notably, IntoTheBlock\u2019s<\/span> <a href=\"https:\/\/app.intotheblock.com\/coin\/MATIC\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that more than 95% of the addresses&#8217; average cost of acquiring MATIC was higher than the token&#8217;s press time price. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This episode resulted in a spike in Polygon\u2019s Daily On-Chain Transaction Volume in Loss in the last month.\u00a0<\/span><\/p>\n<figure id=\"attachment_339305\" aria-describedby=\"caption-attachment-339305\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-10.46.48-29-Aug-2023.png\"><img decoding=\"async\" class=\"wp-image-339305 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-10.46.48-29-Aug-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-10.46.48-29-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-10.46.48-29-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-10.46.48-29-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-10.46.48-29-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-10.46.48-29-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-10.46.48-29-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-339305\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Alongside this, <\/span><a href=\"https:\/\/defillama.com\/chain\/Polygon\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">DeFiLlama<\/span><\/a><span style=\"font-weight: 400;\">\u2019s data revealed that Polygon\u2019s TVL has been on the decline over the last few months. At press time, Polygon\u2019s TVL stood at $1.153 billion.<\/span><\/p>\n<h4><strong>A look into Polygon\u2019s future plans<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Sandeep Nailwal, co-founder of Polygon, recently posted a tweet highlighting what the blockchain&#8217;s future might look like. He primarily mentioned POL, which is considered to be the successor of<\/span> <a href=\"http:\/\/ambcrypto.com\/polygon-zkevm-completes-5-months-how-has-it-fared\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the uninitiated, POL looks to deliver the benefits of multi-chain staking without the added risk of restaking. Moreover, stakers can use POL in any number of chains and roles, allowing for higher rewards with their staked capital.<\/span><\/p>\n<p>https:\/\/twitter.com\/sandeepnailwal\/status\/1696102126236143881?ref_src=twsrc%5Etfw<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">When a Twitter user asked what would happen to the already staked MATIC, Nailwal replied that ideally, as a user, one should get a 1\/2-click upgrade to staked POL from staked MATIC.\u00a0<\/span><\/p>\n<p>https:\/\/twitter.com\/sandeepnailwal\/status\/1696105526394806620?ref_src=twsrc%5Etfw<\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the<\/span>\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/matic-network-profit-calculator\" target=\"_blank\" rel=\"noopener\">MATIC<span style=\"font-weight: 400;\">\u00a0Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">While the blockchain\u2019s future had immense potential, things on the ground also started to turn in MATIC\u2019s favor as its daily chart turned green. MATIC\u2019s supply on exchanges dropped, while its supply outside of exchanges increased slightly. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The token\u2019s supply held by top addresses also shot up, reflecting whales\u2019 trust. However,<\/span> <a href=\"http:\/\/ambcrypto.com\/solana-flips-polygon-becomes-second-largest-network-for-nfts\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s weighted sentiment remained on the negative side, which was bearish.\u00a0<\/span><\/p>\n<figure id=\"attachment_339308\" aria-describedby=\"caption-attachment-339308\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-11.23.16-29-Aug-2023.png\"><img decoding=\"async\" class=\"wp-image-339308 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-11.23.16-29-Aug-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-11.23.16-29-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-11.23.16-29-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-11.23.16-29-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-11.23.16-29-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-11.23.16-29-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-11.23.16-29-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-339308\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>MATIC\u2019s price dropped by more than 20% over the last month, but things have started to turn in the token\u2019s favor.\u00a0<\/p>\n","protected":false},"author":75,"featured_media":339309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[1266],"class_list":["post-339304","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-matic"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - 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