The final seven days have been troublesome for the Polygon MATIC market because it has plunged greater than 20% as seen within the chart beneath. That is shocking as a result of MATIC skilled a rally in mid-August, even breaking some key resistance.
Whereas the crypto market has been up and down in latest weeks, the precise the explanation why the worth of MATIC has fallen beneath 20% are unclear.
This drop in MATIC worth occurs when some key occasions occur and can occur quickly for the token.
On September 4, Polygon will make a number of upgrades by switching from MATIC to POL token, and plenty of exchanges resembling Binance are able to welcome Polygon's MATIC to POL migration.
The brand new POL token will substitute MATIC because the chain's native fuel and asset, and that is a part of the rebrand that Polygon plans from July 2023, after they plan to transition to Polygon 2.0 to assist construct the challenge as an Web worth layer.
As Santiment famous, crypto analytics agency MATIC is experiencing an uptick in on-chain exercise amid falling costs.
Santiment switched to X (previously often called Twitter) and wrote in regards to the uptick in exercise on the chain for Polygon after it had been declining for greater than six months.
📊 Polygon was among the many many networks that went down since cryptocurrency backtracking started in March. Nevertheless, a notable improve in exercise within the chain could also be an indication {that a} MATIC turnaround could also be on the way in which quickly. Energetic addresses and dormant coin spikes are frequent alerts that precede this. pic.twitter.com/RY5NXe10ZW
— Santiment (@santimentfeed) August 28, 2024
As may be seen within the graph, there was a rise in exercise on the chain in latest days, and that is significantly notable as a result of on August 28, the second highest day of the yr, 3,369 MATIC addresses had been lively on the Polygon community. —and the 69 billion MATIC Age Consumed (Sleeping Coin Motion) surged.
On the time of writing, MATIC is buying and selling round $0.4263, up 1.2% over the previous 24 hours, down -14.04% over the previous month, and in addition down -22.41% over the previous yr.
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