How This Crypto Pulled Off A Surprise 60% Rally In This Area – Find Out Here
October 09 2022 - 11:05AM
NEWSBTC
Crypto assets have different utilities, but at the end of the day,
their performance will be evaluated by their trading price, volume
and total market capitalization. That is perhaps the lesson that
was reminded to the Polygon network and its native cryptocurrency
MATIC, which continues to decline after attaining its all-time high
just 10 months ago. The 14th largest crypto by market cap,
according to Coingecko, is trading at $0.813 as of this writing. It
has been down by 1.6% for the last 24 hours but is still sitting on
a 6.2% gain over past seven days. While still far from the ATH of
$2.92 which the crypto hit on December 27, 2021, the asset is among
those that are on the green as the digital currency market prepares
for the tail-end of 2022. Related Reading: Ethereum Price Looking
At Possible Downward Shift – More Headaches Ahead For ETH? MATIC
Performs Well In Dapps Area Recently, Polygon released a report
that supposedly contained one of the significant accomplishments of
the network for the year 2022. This pertains to the unprecedented
growth in terms of the number of Decentralized Applications (Dapps)
that are built on the Polygon chain, which reached the 53K mark at
the end of the third quarter of this year. The number is three
times bigger than the one tallied by Polygon on March of this year
and 60% higher than the total for the entire second quarter. The
creator of the MATIC crypto has every reason to celebrate such
feat, considering Dapps are often built into the Ethereum network.
One potential reason for this surge is the recent partnership of
Polygon with Starbucks, Robinhood and Nothing. Crypto Continues To
Struggle Amid Milestone While the Polygon network enjoys its
success in the Dapps arena, its crypto is not looking so good right
now according to some metrics. MATIC’s 24-hour trading volume as of
this writing is $271.58 million after falling by 6.86%. The crypto
is also witnessing a drop in its one-day circulation data. On
October 3, the digital asset recorded 117.36 million circulating
supply. That number dwindled significantly to just 869,000 at press
time. Addresses for the crypto also decreased, from 2,747 to 2,407,
although the decline seems to be insignificant. Negativity just
seems to keep on piling for MATIC, as its social volume is also on
a downward trend, indicating the crypto community is not that
enthusiastic with the asset’s future. The token is currently
sitting on an almost-insignificant social dominance of 0.023%,
several steps behind the 1.589% it tallied on September 21, 2022.
Related Reading: Meme Coin Wars – Floki Inu Vs. Dogecoin And Shiba
Inu – Who Wins? MATIC total market cap at $7.21 billion | Featured
image from The Daily Hodl, Chart: TradingView.com
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