{"id":362295,"date":"2024-01-07T02:00:58","date_gmt":"2024-01-06T20:30:58","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=362295"},"modified":"2024-01-08T09:55:52","modified_gmt":"2024-01-08T04:25:52","slug":"polygon-can-high-network-activity-push-matic-north","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/polygon-can-high-network-activity-push-matic-north\/","title":{"rendered":"Polygon: What high network activity means for MATIC"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Despite a hike in active addresses, Polygon\u2019s daily transactions dropped.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">MATIC was down by 13%, and a few metrics looked bearish.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As we conclude the first week of 2024, <\/span><span style=\"font-weight: 400;\">Polygon\u2019s [MATIC]<\/span><span style=\"font-weight: 400;\"> network activity has gained upward momentum. The achievement reflects a rise in adoption and usage in the recent days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While that happened, the crypto market turned bearish, which caused MATIC\u2019s price to plummet substantially.<\/span><\/p>\n<h4><b>Polygon\u2019s network activity on the rise?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Sandeep Nailwal, co-founder of Polygon, recently posted a tweet highlighting the blockchain\u2019s achievements. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per the tweet, Polygon PoS recorded the highest number of daily active addresses during the first week of 2024 since October 2023, averaging 500 thousand per day.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">NEW: Polygon PoS records highest amount of daily active addresses since October.  <\/p>\n<p>Now averaging 500K per day. <a href=\"https:\/\/t.co\/HSMnkt6Ls1\">https:\/\/t.co\/HSMnkt6Ls1<\/a><\/p>\n<p>&mdash; Sandeep | CEO, Polygon Foundation (\u203b,\u203b) (@sandeepnailwal) <a href=\"https:\/\/twitter.com\/sandeepnailwal\/status\/1742950859628073113?ref_src=twsrc%5Etfw\">January 4, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Since this clearly suggested a rise in Polygon\u2019s demand and adoption, AMBCrypto took a closer look at the blockchain\u2019s network health. Our analysis of Artemis\u2019 data found that <\/span><a href=\"http:\/\/ambcrypto.com\/polygon-can-the-upcoming-saga-airdrop-benefit-matic\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s daily active addresses were actually increasing for several weeks. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, as per Polygonscan\u2019s<\/span> <a href=\"https:\/\/polygonscan.com\/chart\/gasused\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\">, the blockchain\u2019s daily gas usage chart also remained stable throughout the last month. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, it was surprising to note that despite the hike in active addresses, Polygon\u2019s number of daily transactions has somewhat declined in the recent past.<\/span><\/p>\n<figure id=\"attachment_362296\" aria-describedby=\"caption-attachment-362296\" style=\"width: 1548px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-1.png\"><img decoding=\"async\" class=\"wp-image-362296 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-1.png\" alt=\"\" width=\"1548\" height=\"632\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-1.png 1548w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-1-300x122.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-1-1024x418.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-1-768x314.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-1-1536x627.png 1536w\" sizes=\"(max-width: 1548px) 100vw, 1548px\" \/><\/a><figcaption id=\"caption-attachment-362296\" class=\"wp-caption-text\">Source: Artemis<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Things in terms of captured value also did not look good for MATIC, as several of the ley metrics dropped. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, after a comfortable rise, Polygon\u2019s TVL dropped. Not only that, but the generated fees and revenue also registered a decline, which looked concerning.<\/span><\/p>\n<figure id=\"attachment_362297\" aria-describedby=\"caption-attachment-362297\" style=\"width: 1550px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-2.png\"><img decoding=\"async\" class=\"wp-image-362297 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-2.png\" alt=\"\" width=\"1550\" height=\"643\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-2.png 1550w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-2-300x124.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-2-1024x425.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-2-768x319.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Artemis-MATIC-2-1536x637.png 1536w\" sizes=\"(max-width: 1550px) 100vw, 1550px\" \/><\/a><figcaption id=\"caption-attachment-362297\" class=\"wp-caption-text\">Source: Artemis<\/figcaption><\/figure>\n<h4><b>MATIC bears are putting pressure on investors<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Amidst this, MATIC\u2019s price action turned bearish, which can be attributed to the broader market contention, causing most cryptos to shed their values. <\/span><\/p>\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;\">, in the last seven days alone, MATIC was down by more than 13%. At the time of writing, it was trading at $0.8323 with a market capitalization of over $7.9 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">To see what caused this downtrend, AMBCrypto checked <\/span><a href=\"http:\/\/ambcrypto.com\/can-polygon-zkevm-replicate-2023s-success-in-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s liquidation heatmap. Our analysis found that sell pressure on Polygon surged substantially when its value touched the $1.03 mark, initiating a price downtrend. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A similar hike in liquidation was also noted near the $0.89 mark, which further pushed the token\u2019s price down.<\/span><\/p>\n<figure id=\"attachment_362298\" aria-describedby=\"caption-attachment-362298\" style=\"width: 1482px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/newplot-6.png\"><img decoding=\"async\" class=\"wp-image-362298 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/newplot-6.png\" alt=\"\" width=\"1482\" height=\"736\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/newplot-6.png 1482w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/newplot-6-300x149.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/newplot-6-1024x509.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/newplot-6-768x381.png 768w\" sizes=\"(max-width: 1482px) 100vw, 1482px\" \/><\/a><figcaption id=\"caption-attachment-362298\" class=\"wp-caption-text\">Source: Hyblock Capital<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">As per<\/span> <a href=\"https:\/\/cryptoquant.com\/asset\/matic\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CryptoQuant<\/span><\/a><span style=\"font-weight: 400;\">, MATIC was still reeling under sell pressure as its net deposits on exchanges were high compared to the last seven-day average. Thanks to the price decline, MATIC\u2019s MVRV ratio plummeted sharply.<\/span><\/p>\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\"><span style=\"font-weight: 400;\">MATIC Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">However, its network growth remained high, meaning that more new addresses were created to transfer the token. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, whales\u2019 confidence in <\/span><a href=\"http:\/\/ambcrypto.com\/polygon-zkevm-sees-a-dramatic-rise-in-dex-volumes-why\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\"> was also high, as evident from the slight rise in its supply held by top addresses.<\/span><\/p>\n<figure id=\"attachment_362299\" aria-describedby=\"caption-attachment-362299\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Polygon-on-Ethereum-MATIC-10.58.33-06-Jan-2024.png\"><img decoding=\"async\" class=\"wp-image-362299 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Polygon-on-Ethereum-MATIC-10.58.33-06-Jan-2024.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Polygon-on-Ethereum-MATIC-10.58.33-06-Jan-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Polygon-on-Ethereum-MATIC-10.58.33-06-Jan-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Polygon-on-Ethereum-MATIC-10.58.33-06-Jan-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Polygon-on-Ethereum-MATIC-10.58.33-06-Jan-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Polygon-on-Ethereum-MATIC-10.58.33-06-Jan-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Polygon-on-Ethereum-MATIC-10.58.33-06-Jan-2024-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-362299\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Polygon\u2019s active addresses reached the highest since October 2023, but MATIC\u2019s price action turned bearish.<\/p>\n","protected":false},"author":75,"featured_media":362300,"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-362295","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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