MATIC price ready for new all-time highs as $188 million flow into Polygon
- Polygon network’s on-chain activity was steady with 423,000 active addresses and an inflow of over $188 million.
- Daily active addresses on the Polygon network are up over 116% since September 2021.
- Over 1200 projects are building in the MATIC ecosystem, and analysts are bullish on the altcoin’s price.
The total number of transactions on Polygon network dropped nearly 15% due to a rise in transaction fees over the past week. This hasn’t negatively impacted the network as the number of unique daily active users remained stable.
MATIC gears up for a new bull run ahead with stable on-chain activity
Ethereum and MATIC both noted a decline in the number of users due to high gas fees. The decline was slightly more significant for MATIC, however looking at “from” addresses in transactions on the network, Polygon has maintained high activity.
Over the past week, the Polygon network witnessed an inflow of $188 million. The network’s revenues increased week on week; daily revenue is up 15%.
Polygon on-chain data.
Interestingly, the Polygon ecosystem has nearly 1200 teams developing their projects. MATIC’s utility is expected to hit a peak once the projects go live on the blockchain network.
The world’s largest crypto index fund manager, Bitwise Asset Management, recently launched its Polygon Fund. MATIC has higher exposure to professional investors.
The launch of the Bitwise Polygon Fund provides strategic exposure to @0xPolygon, one of the most essential innovations behind DeFi, NFTs, and gaming. Learn more: https://t.co/j67VV8uFSI pic.twitter.com/aZO20n62mu
— Bitwise (@BitwiseInvest) October 20, 2021
The fund is available to accredited investors with a minimum investment of $10,000. Coinbase Custody Trust Company is Bitwise’s custodian for the Polygon fund. Following the launch of the new fund, MATIC price resumed its upward climb.
Of the 1200 teams developing on the network, Joe Lau, Co-founder and CTO of Alchemy, was quoted as saying:
We’ve been blown away by the Polygon ecosystem and the quality of its builders, so it’s amazing to see just how quickly it’s growing.
Pseudonymous cryptocurrency analyst @Koolaid_crypto has shared a bullish outlook on MATIC price.
$MATIC in a nice bull flag i think :) #MATIC #MATICusdt #MATICNetwork pic.twitter.com/DgbwJQpCfp
— Crypto Koolaid (@Koolaid_crypto) October 22, 2021
FXStreet analysts have evaluated MATIC price and predicted that the altcoin would hit triple digits once it enters a new bull run.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
