Bittime - Polygon (MATIC), a rising blockchain network, is setting a new record again! In recent weeks, activity on the Polygon network has skyrocketed, with the number of daily active users consistently surpassing the 1 million mark.
The peak occurred on May 1, where according to a tweet from Today in Polygon on Twitter/X social media, a record high daily active user was recorded at 1.4 million. Data from Artemis shows that this rapid increase was also accompanied by a significant increase in daily transactions, indicating increasing activity on the Polygon network.
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Even so, there are things that need to be paid attention to. According to a report from AMBCrypto, they found a fairly large decrease in transaction fees even though the number of active users increased. As a result, Polygon's income from transaction fees also decreased.
Also read: Polygon (MATIC): Positive Trend and Predicted to Touch ATH?
Apart from that, Polygon's performance in the decentralized finance (DeFi) sector has also not met expectations, as can be seen from the decline in their Total Value Locked (TVL).
MATIC Price Rises, Investors Keep Holding!
Source: Bittime
Even though transaction activity is busy, the price of MATIC itself only experienced a slight increase, namely 0.14% with the current price at around $0.74 (around IDR 11,864). MATIC's market capitalization is also at $7.3 billion (around IDR 116 trillion).
However, there are positive indications from the ownership side of MATIC coins. Santiment data shows a decrease in the amount of MATIC held on exchanges (crypto currency buying and selling platforms), while ownership outside exchanges actually increases. This indicates that buying interest in MATIC is increasing.
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Apart from that, the confidence of large investors (whales) in MATIC also seems to be getting stronger, as can be seen from the slight increase in their ownership.
To see if this positive trend can persist, we need to observe the daily chart of MATIC. The Chaikin Money Flow (CMF) and Money Flow Index (MFI) indicators show an increase, which means bullish (optimistic) sentiment is rising.
Also read: MATIC Experiences Revenue Growth After Dencun Updates
The MACD indicator also suggests a bullish trend. However, Bollinger Bands show a decrease in MATIC price volatility, which may signal a stabilization phase.
Overall, the price of MATIC has not followed the increase in prices of other altcoins. However, the Polygon ecosystem itself continues to develop rapidly.
On-chain data shows that the majority (around 81.45%) of MATIC owners are currently experiencing unrealized losses. This means they bought MATIC at a higher price than the current price.
Only around 14.3% of owners bought MATIC at a price lower than the current price. This could mean that investors are reluctant to sell MATIC at a loss, so the general bullish sentiment still exists, as reported by Crypto News Flash .
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Polygon (MATIC) has just scored another major milestone. Trading platform Robinhood announced a strategic partnership with Polygon, marking a major step in the development of Non-Fungible Tokens (NFT) and stablecoins. This collaboration is supported by 0x Project and LI.FI, as Crypto News Flash reported.
How to Buy Polygon (MATIC) on Bittime
You can buy and sell Polygon (MATIC) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Polygon (MATIC) is available on Bittime with the market pair MATIC/IDR. To be able to buy MATIC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Polygon (MATIC) on Bittime.
Monitor price chart movements for Polygon (MATIC), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
ADA and MATIC: Attractive to Buy on the Dips?
Polygon Network is Increasingly Crowded, Will MATIC Prices Also Rise?
Will MATIC Price Remain Above $1 or Drop Further?
Is it Appropriate to Stake Polygon (MATIC) during the 2024 Bear Market?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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