With the completion of the Merge, all the eye appears to be on Ethereum [ETH]. Nevertheless, there could possibly be a whole lot of L2 options that would profit from the Merge, one in every of them being Polygon [MATIC].
In a current tweet, posted on 13 September, Polygon introduced how they’d reap the advantages from Ethereum’s Merge. The Polygon crew said how Ethereum’s power utilization shall be reduce down by 99% in flip. This may make the Polygon community extra sustainable and environmentally pleasant as nicely.
It additionally stays to be seen whether or not Polygon grows additional after the Merge. Nevertheless, there have been some main establishments that imagine in Polygon’s future.
What’s the deal?
In a current improvement, Starbucks, the large of coffeehouses and roastery reserves announced its partnership with Polygon. With this partnership, prospects might buy digital collectible stamps within the type of non-fungible tokens (NFTs).
The information of this new partnership impacted Polygon’s social media dominance.
Over the previous week, Polygon witnessed a spike of 11.25% in its social mentions and a 27.88% surge in its social engagements which, at press time, stood at 297.9 million.
Together with Polygon’s social mentions, MATIC’s buying and selling quantity noticed a hike within the final couple of days.
The quantity surged from 271 million on 12 September to ~650 million on 14 September. Moreover, Polygon’s market cap has additionally seen an uptick of three.75% within the final seven days.
Nevertheless, there was an enormous decline in Polygon’s improvement exercise. This may be a sign in direction of builders not engaged on any updates or upgrades in the meanwhile. This might, thus, stand as a reason behind concern for buyers.
Moreover, Polygon’s market cap dominance depreciated by a drastic 87.35% within the final week. MATIC additionally captured 0.73% of the full market on the time of writing.
The worth motion regarded glib for the token. MATIC traded at $0.8606 at press time (on 14 September) with the value depreciation of seven.45% within the final 24 hours.
The Relative Energy Index (RSI) additional stood at 41.46, implying a bearish motion for the token within the close to future. The Chaikin Cash Move (CMF) was at -0.06 which can also be a barely bearish indicator.