Polygon’s MATIC has struggled to maintain its weekly gains despite the entire crypto market trading in the Red Zone. The crypto market fell into an endless downtrend yesterday, after Binance reported the acquisition of FTX. The FTX saga has rocked many crypto investors for days due to rumors that the platform had liquidity problems. This resulted in a massive liquidation, particularly of the platform’s native token, FTT.
Although the news of the acquisition pushed the price up, the bearish sentiment pulled the market down. At the time of writing, MATIC and OKB were token only Still making substantial gains across the top-100 board. Notably, MATIC is still up 2% over last week. However, it was trading with a decline of 26.70%.
Over 40 million wallets added in six months despite market downturn
While most of the cryptocurrency market is turning red again, Polygon still maintains measurable weekly and monthly gains. In addition, it has enjoyed strong network expansion over the past several months. Notably, over 46 million new wallet addresses have been added to the network in the past six months. The data was pulled from the protocol’s network explorer, polygon scan,
There are now more than 188 million unique addresses on the Polygon network, up from 143 million in May. At the beginning of the year, it had about 130 million different addresses. According to the data, the proof-of-stake (PoS) network expanded by more than 30% within six months. It added about 250,000 new unique addresses every day on average.
During this period, the value of the network’s native cryptocurrency, MATIC, has skyrocketed. According to market data, the $MATIC price is up about 58% since the beginning of this year. While both Bitcoin (BTC) and Ethereum (ETH) have declined in price by 35.6% and 37.6% respectively.
Crypto community feels bearish about MATIC despite rising usage
Despite the expansion of the network, the price estimate for cryptocurrency signals A negative reversal by the end of the year. The cryptocurrency community at CoinMarketCap predicted that MATIC could drop to an average of $0.899 before the end of the year. But MATIC price has already touched that level today and is currently at $0.8894.
These predictions are in stark contrast to the rapidly growing use of polygon networks. This week, international banking conglomerate JP Morgan conducted the institution’s first transaction using decentralized finance on a public blockchain. Polygon was used in conjunction with a customized version of Aave, the primary decentralized finance lending protocol, to complete the transaction.
Meta also announced that it has begun work on how to mine and trade non-fungible tokens (NFTs) through its Instagram app. Thanks to this new feature, users will be able to generate their own NFTs and sell them on the platform. At launch, the social media giant will be using the Polygon blockchain for NFTs. It will import metadata from OpenSea, the NFT Marketplace, to make the archive name and description accessible.
Featured image from Pixabay and chart from TradingView.com