Cryptocurrency

MATIC up 23% over past month as addresses spike, coins leave exchanges en masse

Zegex

Polygon’s price is up 23% over the last 30 days, and MATIC spent the entire month of October green. After a devastating drop in June, MATIC rose slowly and steadily, reaching a high of $1.04 in mid-August.

Community engagement, partnerships, new launches, and developer activity all pushed the price to near August highs, with MATIC reaching $0.95 on October 26th. Prices have stabilized since then, but the token, at $0.90 at the time of writing, still stands mostly as a red crypto market outlier.

polygon price
Graph showing Polygon prices from July 2022 to October 2022 (Source: CryptoSlate MATIC)

The positive price action Polygon has seen over the past month is the result of a significant increase in user activity. Data analyzed by CryptoSlate shows a notable spike in the number of active addresses on the network, comparable to those seen in July.

polygon active address
A graph showing the number of active addresses in the Polygon network (Source: Glassnode)

However, the increase in user activity Polygon has seen so far has not led to a sale of MATIC. There has been a significant increase in the volume of MATIC leaving the exchange, indicating that users are more focused on using their tokens in various dApps and services built on Polygon than trading.

Data analyzed by CryptoSlate showed that MATIC experienced the largest exchange outflow since April 2021. This was right around the time MATIC experienced a sharp spike that sent its price to $2 ATH.

polygon exchange outflow
Chart showing exchange inflows and outflows for MATIC from August 2019 to October 2022 (Source: Glassnode)

Polygon’s October success is a direct result of increased network adoption. It has become the platform of choice for Reddit, its ambitious NFT plans, and many other institutions. platformand services.

Posted In: Polygon, Hiring

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