Polygon (MATIC) Price Rise Soon: Unusual NFT Trading Volume?
Polygon’s (MATIC) NFT market is currently going through a period of significantly increasing acceptance. This can be attributed to the company’s collaborations with notable businesses such as Reddit and more recently with the launch of former US President Donald Trump’s NFT Trading Cards.
Polygon pushes to #2
Currently, according to NFT data aggregator Cryptoslam, the Polygon blockchain trades second only to Ethereum in NFT trading volume and ranks tenth in total market capitalization.
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Read more: Polygon’s first set of Web3 Music NFTS launches in January 2023
According to statistics obtained from blockchain analytics platform Nansen, the number of first-time and returning buyers each day in Polygon’s non-fungible token (NFT) market set new all-time highs during the last month of the year.
Read more: What is Polygon Blockchain? How MATIC works and why it matters
This was the case despite the ongoing crypto winter and the fact that NFT ecosystems on other chains, such as Ethereum and Solana, are seeing a weekly decline in the number of users.
Polygon’s NFT explosion
Another major factor pushing Polygon’s NFT sales was due to yesterday’s NFT launch announcement focusing on former president and billionaire Donald Trump; with a retail price of “only $99 each”. Trump announced it publicly on his Truth Social platform along with a 2-minute video explaining the various NFTs.
According to the website hosting these NFTs, the collection is minted on the Polygon blockchain and a total of 45,000 NFTs will be created during the first run of the collection.
Read more: Donald Trump’s $99 NFT Collection Sale: 5 Things You Know
Increased whale activity has also been recorded in the Polygon chain, with ETH whales buying $3.7 million worth of MATIC in the past few days. Furthermore, according to data published by WhaleAlert, $9.2 million worth of MATIC tokens were transferred from Binance to another wallet.
Polygon (MATIC) Price
With strong technical indicators suggesting a trend reversal after being in the “oversold zone” and combined with the favorable fundamentals mentioned above, the MATIC token is headed for a rally, according to leading crypto analysts.
The price of Polygon (MATIC) token is currently trading near $0.85, which is down by 0.43% in the last 1 hour and by 4.1% in the last seven days, at the time of writing. The price drop comes after the entire crypto market fell on the news that the US Federal Reserve is raising interest rates by 50 basis points, followed by the ECB and the Bank of England.
Also read: Shiba Racing NFT Launch; All about SHIB Metaverse P2E Game
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.
