According to a post on Nansen Research’s official blog, there have been several positive developments for Polygon (MATIC) in recent days. Many industry experts believe that this is partly due to Polygon’s decision to transition to a ZK-focused ecosystem.
Polygon’s MATIC Is Going Through a Rollercoaster
Nansen has identified one of the bullish on-chain indicators as the fact that significant purchases have occurred on decentralized exchanges (DEX) over the last 24 hours, with the largest involving the acquisition of 10 million MATIC tokens. This pattern suggests that institutional traders are accumulating MATIC tokens, which could be a bullish sign.
Additionally, there has been a notable increase in the accumulation of MATIC tokens by whales and large addresses, indicating that these investors have a positive long-term outlook on MATIC’s prospects.
Nansen also noted that positive developments are taking place for Chainlink and Frax, two prominent DeFi protocols operating on the Polygon network. These projects have recently announced encouraging updates that may be influencing the current accumulation of MATIC tokens.
However, over the past 24 hours, MATIC was able to secure a spot on CoinMarketCap’s trading list, but not for the reasons many had hoped. The market tracking website reported that MATIC’s price had fallen by more than 7% during the last day of trading. This left the altcoin trading at $0.6262, far from its daily high of $0.6771.
Meanwhile, MATIC’s 24-hour trading volume was $318,603,996 a significant decrease of over 60% from the previous day.
MATIC’s longer-term performance did not look much better, as it had fallen by 9.69% over the past week and by over 19% over the past month alone. With a market cap of $5,827,873,656, MATIC was ranked as the 12th largest token and was positioned between Shiba Inu and Litecoin.
In conclusion, Polygon (MATIC) has experienced several positive developments in recent days, such as the transition to a ZK-focused ecosystem, the significant purchases of MATIC tokens on DEX, the increase in accumulation by whales and large addresses, and the positive updates from Chainlink and Frax.
