{"id":357633,"date":"2023-11-19T23:00:46","date_gmt":"2023-11-19T17:30:46","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=357633"},"modified":"2023-11-19T20:50:22","modified_gmt":"2023-11-19T15:20:22","slug":"how-matic-reacted-to-polygons-surging-network-activity","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/how-matic-reacted-to-polygons-surging-network-activity\/","title":{"rendered":"How MATIC reacted to Polygon\u2019s surging network activity"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Polygon\u2019s captured value shot up in the last few days.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">MATIC was up by over 4%, but a few metrics looked bearish.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Polygon [MATIC]<\/span><span style=\"font-weight: 400;\"> recently registered a massive spike in network usage as its daily transactions surged. Thanks to that, Polygon&#8217;s stakers were able to enjoy profits.\u00a0<\/span><\/p>\n<h4><b>Polygon\u2019s network activity is on the rise!<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Sandeep Nailwal, the co-founder of Polygon, recently posted a tweet highlighting the blockchain\u2019s latest achievement, wherein Polygon was able to process more than 17 million transactions in a single day.<\/span><\/p>\n<p>https:\/\/twitter.com\/sandeepnailwal\/status\/1725866575259898078?t=2XQyH0k77ZqAcsAQXhkdfQ&#038;s=19<\/p>\n<p><span style=\"font-weight: 400;\">Thanks to this, the blockchain\u2019s daily transaction count spiked sharply. Besides this, a few other developments could have also played a role in helping the blockchain achieve this milestone. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, Polygon PoS recorded an 8-month high in daily DEX volume of more than $400 million last week. ChainGPT integrated Chainlink CCIP across Ethereum and Polygon to help unlock its cross-chain AI Hub. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other than that, Obligate, an on-chain bond for regulated DeFi, has launched the first-ever USDC-denominated structured investment product on Polygon.<\/span><\/p>\n<p>https:\/\/twitter.com\/TodayInPolygon\/status\/1725602428672676325?t=rTg_8w0KCPKN4cLBjmXi6Q&#038;s=19<\/p>\n<p><span style=\"font-weight: 400;\">Not only did Polygon&#8217;s network activity increase, but Sandeep Nailwal also mentioned that the blockchain generated $1.2 million in revenue for the stakers. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This became possible because, during Polygon\u2019s transaction spike, the blockchain\u2019s captured value also increased, as evident from the rise in its fees and revenue.<\/span><\/p>\n<figure id=\"attachment_78477\" aria-describedby=\"caption-attachment-78477\" style=\"width: 1550px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/11\/19125632\/Artemis-MATIC.png\"><img decoding=\"async\" class=\"wp-image-78477 size-full\" src=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/11\/19125632\/Artemis-MATIC.png\" alt=\"\" width=\"1550\" height=\"637\" \/><\/a><figcaption id=\"caption-attachment-78477\" class=\"wp-caption-text\">Source: Artemis<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">AMBCrypto then checked MATIC\u2019s staking ecosystem to find out its performance. After a sharp decline, the total number of staked MATIC gained upward momentum. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per AMBCrypto\u2019s analysis of<\/span> <a href=\"https:\/\/www.stakingrewards.com\/asset\/matic-network\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Staking Rewards<\/span><\/a><span style=\"font-weight: 400;\">, MATIC\u2019s staking wallets reached 26.1k, while its staking ratio stood at 37.9%. At press time, MATIC had a staking market capitalization of over $2.94 billion.<\/span><\/p>\n<figure id=\"attachment_78479\" aria-describedby=\"caption-attachment-78479\" style=\"width: 1172px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/11\/19125711\/Staking-Rewards-MATIC.png\"><img decoding=\"async\" class=\"wp-image-78479 size-full\" src=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/11\/19125711\/Staking-Rewards-MATIC.png\" alt=\"\" width=\"1172\" height=\"570\" \/><\/a><figcaption id=\"caption-attachment-78479\" class=\"wp-caption-text\">Source: Staking Rewards<\/figcaption><\/figure>\n<h4><b>MATIC bulls are here<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">While the above-mentioned spaces performed well, investors also rejoiced as MATIC\u2019s price action remained in their favor. As per<\/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 was up by more than 4.5% in just the last 24 hours. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, it was trading at $0.8383 with a market cap of over $7.6 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AMBCrypto\u2019s analysis of MATIC also suggested that the uptrend might not last long. The token\u2019s exchange reserve was<\/span> <a href=\"https:\/\/cryptoquant.com\/asset\/matic\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">increasing<\/span><\/a><span style=\"font-weight: 400;\">, meaning that selling pressure was high. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite a hike in price,<\/span> <a href=\"https:\/\/eng.ambcrypto.com\/polygon-reasons-behind-the-massive-hike-in-daily-transactions\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s MVRV ratio dropped substantially last week. MATIC\u2019s popularity also took a blow as its social volume fell slightly.<\/span><\/p>\n<figure id=\"attachment_78482\" aria-describedby=\"caption-attachment-78482\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/11\/19125801\/Polygon-on-Ethereum-MATIC-12.40.31-19-Nov-2023.png\"><img decoding=\"async\" class=\"wp-image-78482 size-full\" src=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/11\/19125801\/Polygon-on-Ethereum-MATIC-12.40.31-19-Nov-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" \/><\/a><figcaption id=\"caption-attachment-78482\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the<\/span> <a href=\"http:\/\/ambcrypto.com\/calculator\/matic-network-profit-calculator\" target=\"_blank\" rel=\"noopener\">P<span style=\"font-weight: 400;\">olygon Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Nonetheless, the token\u2019s derivatives metrics looked bullish. For example, MATIC\u2019s Open Interest went up along with its price. Whenever Open Interest rises, it increases the chances of a continuation of the current market trend. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, the chances of<\/span> <a href=\"https:\/\/eng.ambcrypto.com\/a-look-at-the-journey-of-polygon-zkevm-as-it-crosses-a-new-milestone\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\"> sustaining its bull rally can\u2019t be ruled out yet.<\/span><\/p>\n<figure id=\"attachment_78484\" aria-describedby=\"caption-attachment-78484\" style=\"width: 1725px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/11\/19125842\/Coinglass-MATIC.png\"><img decoding=\"async\" class=\"wp-image-78484 size-full\" src=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/11\/19125842\/Coinglass-MATIC.png\" alt=\"\" width=\"1725\" height=\"522\" \/><\/a><figcaption id=\"caption-attachment-78484\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Polygon processes more than 17 million transactions in a single day, boosting profits for MATIC stakers&#8230;<\/p>\n","protected":false},"author":75,"featured_media":357634,"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-357633","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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