While the price of Polygon (MATIC) is rising to new all-time highs, the cryptanalysis company Santiment is looking under the hood of its on-chain activity and its social metrics.
Polygon, the leading Ethereum Layer 2 scaling solution, rose on Monday All time high of $ 2.92 then gave up some of its gains and is currently trading at $ 2.61.
Santiment examines MATIC’s active address metrics and finds that Polygon is currently having “decent network activity”.
“8,000 active addresses per day is enormous.
Probably in [the] Top five [of] most active coins in Ethereum.
Definitely one of the most widely used coins. Super strong! “
The analytics firm also says there is currently “no profit-taking” at MATIC and little foreign exchange inflows for the crypto asset. MATIC’s social volume stayed low until it eventually saw social interest surge to a new all-time high.
Santiment adds that whales have stopped accumulating MATIC in the past few days.
Analysis firm conclusions,
“The problem we are seeing is that while it is an ATH (all time high), we are seeing a relative lack of response in terms of active deposits.
And whales dump.
We could probably see some sales in the next 24 hours, just so MATIC can correct it and then move another leg up. “
Last week, Polygon announced a new partnership with Opera Software to deliver decentralized applications (DApps) to the Opera web browser.
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Source: Crypto News Deutsch