- Polygon outperformed Arbitrum and Optimism by way of transaction charges collected during the last 30 days.
- MATIC grew to become essentially the most traded token amongst high Ethereum whales.
In line with a 28 February tweet, Polygon [MATIC] collected greater than $7 million in transaction charges within the year-to-date (YTD) interval, which highlighted the Ethereum [ETH] sidechain’s rising community utilization.
With over $7.25M earned in $MATIC charges to date this 12 months, the @0xPolygon blockchain is off to a great begin📈
Save this @DuneAnalytics dashboard to trace key Polygon metrics in 2023🔍💰
Consists of: charges, new & previous handle exercise, DEX quantity and extra📊
📍https://t.co/18fgcXYKpu pic.twitter.com/AosVsSrPqe
— James (@JamesT0lan) February 27, 2023
Learn Polygon’s [MATIC] Worth Prediction 2023-2024
Further information from Token Terminal revealed that Polygon outperformed layer-2 scaling options like Arbitrum [ARB] and Optimism [OP] by way of transaction charges collected during the last 30 days.
Current exercise throws up challenges for Polygon
Although Polygon registered an honest run in comparison with the lows of 2022’s bear market, community income dipped significantly during the last week.
In line with Dune Analytics, the day by day fuel charges have plunged 30% since 21 February. Because the protocol’s income relies upon largely on the fuel charges collected, it underwent a decline as effectively.
One purpose behind the dip in transaction charges could possibly be the dwindling motion on Polygon’s decentralized finance (DeFi) entrance. Its day by day decentralized change (DEX) buying and selling quantity plummeted 57% during the last 10 days.
Alternatively, massive addresses displayed their liking for MATIC after it grew to become essentially the most traded token amongst high Ethereum whales, as per tweet from WhaleStats.
The surge in accumulation could possibly be attributed to the much-anticipated Polygon’s zkEVM scaling resolution, which was slated to be launched on 27 March.
📰 JUST IN: $MATIC @0xPolygon flipped $UNI for MOST TRADED token amongst high 100 #ETH whales
Examine the highest 100 whales right here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see information for the highest 5000!)#MATIC #UNI #whalestats #babywhale #BBW pic.twitter.com/F4fXzTKAJx
— WhaleStats (monitoring crypto whales) (@WhaleStats) February 27, 2023
MATIC within the grips of bears?
At press time, MATIC exchanged palms at $1.23, down 2.35% within the 24-hour interval.
The Relative Power Index (RSI) dropped beneath the impartial 50 degree, implying that bulls had been working out of steam.
Is your portfolio inexperienced? Take a look at the MATIC Revenue Calculator
The Transferring Common Convergence Divergence (MACD) sounded a powerful bearish alarm for MATIC’s value. The On Stability Quantity (OBV) made decrease highs and decrease lows within the final 10 days, which indicated that capital influx into the market was lowering.
Lastly, the technical indicators painted a bearish thought for MATIC and there was a excessive risk of value dipping beneath $1.23.