Price Update:
Polygon price at the time of writing is $0.8542 with a 24-hour trading volume of $367,865,982 MATIC price is down -0.5%% in the last 24 hours.
| Token | ERC-20 |
| Ticker | Matic |
| Category | Ethereum Scaling Solution, Smart Contract Platform |
| Market Cap | $8,064,482,768 |
| Circulating Supply | 8.73 Billion |
| Total Supply | 10 Billion |
About Polygon (Matic):
Matic is a Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees. It is currently the biggest Ethereum scaling solution and has garnered institutional adoption with funding from the likes of Sequoia and Mark Cuban with several high-profile integrations with fintech giants such as Reddit and Meta.
Polygon (MATIC) aims to build an interconnected ecosystem of L2 side-chains aptly named the Internet of Ethereum Blockchains. It tries to solve the known issues in the Ethereum network and wider blockchain ecosystems. It has several innovative features and products planned, leveraging ZK roll-ups and with Optimistic roll-ups that run atop Ethereum to deliver cheap and near instant transactions.
Key Insights:
- Network updates
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- Weekly active users: 2.23 Million v/s 2.27 Million previous week (-1.07%)
- Transactions per Day: 2.36 Million v/s 2.81 Million previous week (-19%)
- Cost per transaction: $0.029 v/s $0.023 previous week (+20%)
- Transaction per address: 7.39 this week v/s 8.64 previous week
- Revenue per day: $70.1k v/s $65.6k previous week
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- 16 of the Top 20 Matic dApps have recorded a positive week-over-week change, with Benji Bananas (154k, +29%), Paraswap (31k, 45%), Uniswap v3 (27.5k, +13%), and Quickswap (20.3k, +17%) taking the lead.
- The weekly NFT Volume skyrocketed to $3.7 Bn, primarily driven by Uniswap V3 Positions NFT-V1 ($2.42 Bn, +4,903%).
Recent Developments:
- Reddit NFTs on Polygon (MATIC) Abruptly Soar 642% in Sales Volume This Month, Reaching Nearly 3,000,000 Users
- Polygon partners with Starbucks Coffee Company to provide Web3 infrastructure to its recently announced Starbucks Odyssey.
- Robinhood has chosen Polygon as the first blockchain network to support its newly launched Web3 wallet. The Robinhood Wallet beta is now live for 10,000 iOS customers out of 1+ million who signed up for the waitlist in May.
Technical Analysis:
- Polygon (MATIC) strong business development, partnership and upcoming technological developments has kept its prices on an upwards trend and is evident in the chart price formations.
- After forming a falling wedge formation, prices broke out from truncated final wave (E wave) with $0.76-0.80 ranges representing a strong demand region
- Currently price action is facing strong resistances at $0.91-0.90 ranges.
- A pullback to $0.865-0.872 could be a value zone for investors to keep an eye on prior to a potential rally towards the $1.05 region.
Click Here to buy Matic
Disclaimer
Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not a legal, financial, investment or tax advice. The calculations, data, risk-return formulations, performance or market capitalisation indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
