- The ongoing NFT craze has also aided MATIC’s development.
- MATIC witnessed a 330 percent increase in daily active unique addresses.
Layer-2 protocols have experienced increased engagement and network activity in recent months. L1 and L2 solutions continue to remain at odds, notwithstanding the general market turmoil.
Polygon (MATIC) witnessed a 330 percent increase in daily active unique addresses over the past three months, briefly exceeding Ethereum, which has seen a 13% decrease. But what did it imply for MATIC?
According to Polygon co-founder Mihailo Bjelic, the number of daily active unique addresses recently surpassed that of Ethereum. He also noted that Polygon had 351,000 daily active addresses against 326,000 for Ethereum last Monday.
According to Polygonscan, MATIC had 423,586 active addresses on Monday, September 27. However, Ethereum has almost 54k more addresses than MATIC.
NFT Craze Helped MATIC’s Development
The ongoing NFT craze has also aided MATIC’s development. So much so that on September 30, Dolce & Gabbana’s first non-fungible token collection, the Collezione Genesi, sold for $5.65 million. The nine NFTs were released on the Polygon network’s premium marketplace, UNXD.
Polygon initially struggled to keep up with the market’s consolidation after the September market collapsed. However, in comparison, the altcoin did well. On the 12-hour chart, MATIC reached higher lows and didn’t go below the critical $1.05 level.
While the current spike in activity on Polygon may be attributed to Ethereum’s transaction costs, other indicators for Polygon revealed no indications of a price increase shortly.
So, even if a rebound occurs, MATIC must convert its immediate resistance levels into support and hold above them to make significant gains. According to CoinMarketCap, Polygon’s price today is $1.33 USD with a 24-hour trading volume of $956,569,120 USD.
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