- MATIC’s Price Rally: MATIC witnessed a 3% increase over the past week, coinciding with a surge in trading volume and market capitalization.
- Polygon’s Network Growth: Polygon PoS and zkEVM both saw an upswing in network activity, contributing to the positive trajectory of MATIC.
Polygon’s native token, MATIC, has shown an impressive uptrend in the past week, coinciding with significant advancements within the Polygon network. As of December 4, 2023, MATIC’s price stood at $0.8134, marking a more than 3% increase from the previous week, with a substantial market capitalization of over $7.5 billion.
Polygon’s Strides in Blockchain Achievement
This price uptick for MATIC can be attributed to the notable achievements of the Polygon network. Polygon PoS (Proof of Stake) averaged over 10 million daily transactions in the past week, showcasing robust network activity and user engagement. The Polygon zkEVM (Zero-Knowledge Ethereum Virtual Machine) also contributed to this momentum, supporting the newly introduced Bridged USDC Standard and recording over 100 thousand daily transactions, a three-month high. The total transactions on zkEVM surpassed the $8 million mark, indicating increased adoption and utility.
Gaming and Smart Contract Growth
The blockchain witnessed an 80% increase in unique gaming addresses over the last 30 days, highlighting its growing appeal in the gaming sector. Additionally, the deployment of new weekly contracts on the blockchain reached record highs for two consecutive weeks, reflecting the expanding ecosystem and developer interest.
Investor Sentiment and On-Chain Metrics
Despite this positive outlook, some analysts, like Adrian Zduńczyk, have suggested a potential bear rally for MATIC, especially in contrast to Bitcoin’s bullish trends. However, MATIC’s on-chain metrics offer a more nuanced perspective. The MVRV ratio showed initial improvement before a slight decline, while the Supply on Exchanges was higher than its Supply outside of Exchanges, indicating heightened selling pressure.
In contrast, the increase in MATIC’s Whale Transaction Count and the supply held by top addresses signal strong confidence among major investors. This sentiment is further bolstered by data from Hyblock Capital, which revealed that after a brief price correction, MATIC’s value surpassed its initial levels, suggesting a continuing bullish trend for the token.
As the landscape of the cryptocurrency market evolves, MATIC’s performance remains closely tied to the advancements and activities within the Polygon network. The token’s recent price behavior and network achievements present an optimistic scenario, indicating a potential continuation of its upward trajectory in the blockchain industry.