- Polygon’s volume and active addresses increased.
- The sentiment around the token is negative but the price may recover soon.
According to AMBCrypto’s analysis of Santiment, Polygon’s [MATIC] network activity has been rising.
At press time, the 24-hour active addresses had increased to 224,00. Active addresses are a good indicator of network usage.
So, the increase implies that many market players have been involved in transactions on the Polygon network.
Similarly, MATIC’s volume also followed the active addresses trend. At the time of writing, the volume had increased to 491.79 million. The rise in volume is proof that MATIC tokens have mostly been involved in the transactions on Polygon.
Source: Santiment
MATIC is involved in closet operations
The rise in network activity was surprising. This is because there have been allegations that the jump in MATIC’s value was not connected to increased demand.
In fact, AMBCrypto reported this opinion put together by Joao Wedson. Wedson, in his analysis, noted that the period MATIC rose above $0.90 coincided with the time the reserves held by exchanges increased.
The analyst noted that it was possible that demand for MATIC was not by common market players. However, the upward momentum could be the result of internal buying pressure from some exchanges.
He explained that:
“An intriguing phenomenon stands out—the apparent decoupling between the inflow and outflow on exchanges and the public interest in Polygon. While reserves on exchanges reach new heights, there se
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Author: Victor Olanrewaju
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