According to a post on Nansen Analysis’ official weblog, Polygon (MATIC) has experienced a number of bullish happenings lately. There are countless reasons for these positive changes, but many in the industry believe Polygon’s decision to switch to an ecosystem that is more ZK-focused is a contributing factor.
The fact that significant purchases have been made on decentralised exchanges (DEX) during the previous 24 hours, with the most significant one involving a purchase order for 10 million MATIC tokens, is one of many positive on-chain signs recognised by Nansen. This sample suggests institutional traders are accumulating MATIC tokens, which might be a bullish indication.
Nansen also noted that Chainlink and Frax, two remarkable DeFi protocols operating in the Polygon community, are seeing positive advances. These initiatives recently made optimistic updates, which may be contributing to the current MATIC token accumulation.
Although it wasn’t for the reasons most people expected, MATIC was able to claim a spot on CoinMarketCap’s buying and selling list over the past 24 hours. The market tracking website showed that MATIC’s value decreased by more than 7% during the previous trading day.
This resulted in the altcoin trading hands being at $0.6262, much below its daily maximum of $0.6771. The 24-hour buying and selling volume for MATIC was $318,603,996, a significant 60%+ decrease from yesterday.
The cryptocurrency was down 9.69% over the previous week, which didn’t make its longer-term efficiency look all that great. Additionally, nearly 19% of MATIC’s worth was lost in the preceding month. With a market valuation of $5,827,873,656, MATIC was ranked as the twelfth largest token, sandwiched between Litecoin and Shiba Inu.