Polygon’s daily active users and daily transactions both rise by nearly 10% over the last seven days. However, MATIC’s price chart remains in the red.
pointed out that Polygon’s press time active addresses and transactions were substantially lower than those in January 2023. Not only that, but the blockchain also witnessed a massive decline in terms of the captured value.’s performance in DeFi also dwindled over the last few months, as its TVL dropped by a large margin.While the blockchain showed some sign of recovery, that wasn’t the case with MATIC.
, the token was down by more than 1% over the last seven days. At press time, it was trading at $0.5216 with a market capitalization of more than $4.8 billion.Notably, Polygon’s supply held by top addresses dropped slightly, suggesting that the whales were not confident in the token. Another bearish metric wasRegardless, MATIC’s velocity was high. A higher velocity means that a coin or token is used in transactions more often within a set time frame.
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