How this crypto achieved a 60% rally in this range
Crypto-assets have different tools, but at the end of the day, their performance will be evaluated by their trading price, volume and total market capitalization.
That’s perhaps the lesson being reminded of the Polygon network and its native cryptocurrency MATIC, which continues to decline after reaching its all-time high just 10 months ago.
The 14thth largest crypto by market capitalization, according to Coingecko, is trading at $0.813 at the time of writing. It has decreased by 1.6% in the last 24 hours, but still has an increase of 6.2% in the last seven days.
While still far from the ATH of $2.92 that the crypto hit on December 27, 2021, the asset is among those in the green as the digital currency market prepares for the end of 2022.
MATIC performs well in the Dapps area
Recently, Polygon released a report that allegedly contained one of the significant achievements of the network for the year 2022.
This concerns the unprecedented growth in terms of the number of decentralized applications (Dapps) built on the Polygon chain, which reached the 53K mark at the end of thisrd quarter this year.
The number is three times greater than that recorded by Polygon in March this year and 60% higher than the total for the entire seco.n.d quarter.
The creator of the MATIC crypto has every reason to celebrate such a feat, considering that Dapps are often embedded in the Ethereum network.
A potential reason for this increase is Polygon’s recent collaboration with Starbucks, Robinhood and Nothing.
Crypto continues to struggle amid the milestone
While the Polygon network is enjoying its success in the Dapps arena, the crypto is not looking too good right now according to some metrics.
MATIC’s 24-hour trading volume at the time of writing is $271.58 million after having declined 6.86%. The crypto is also witnessing a drop in one-day circulation data.
On October 3, the digital asset recorded 117.36 million circulating supplies. This number dropped significantly to just 869,000 at press time.
Addresses for the crypto also decreased, from 2,747 to 2,407, although the decrease appears to be insignificant.
Negativity seems to continue to pile up for MATIC as the social volume is also on a downward trend, indicating that the crypto community is not that enthusiastic about the asset’s future.
The token currently sits at an almost negligible social dominance of 0.023%, several steps behind the 1.589% it polled on September 21, 2022.
MATIC total market cap at $7.21 billion | Featured image from The Daily Hodl, Chart: TradingView.com
