The market has had high hopes from the Polygon network, more so, after it overshadowed the Ethereum network as the former’s active addresses briefly flipped ETH’s.
While the network’s growth has been commendable, the layer-2 solution that connects Ethereum to other blockchains, saw considerable roadblocks after the network’s validators recommended raising transaction fees to tackle the spike in spam transactions.
After Polygon’s co-founder Sandeep Nailwal, made the recommendation, the network saw a drastic decline in its on-chain activity. Daily average transaction volume on Polygon dropped from over 6 million to under 3 million, an over 50% fall.
Nonetheless, Polygon still captured the highest share of total value locked on Ethereum bridges. In the last week, the number of wallets on Polygon increased sharply and reached about 97.7 million wallets, which caused the gap with Binance Smart Chain to plummet to about 695,000 wallets.
In fact, Polygon has maintained its dominance over Arbitrum and Optimism in terms of TVL in Ethereum bridges despite the decline. However, Polygon’s Total Value Locked had fallen by 8.3% to $4.46 billion over the last week. The main reason came from DEXs when TVL decreased significantly from the beginning of September.
However, all in all, since the network maintained its dominance as daily transactions fell, traders still expected a bullish impact on MATIC’s price.
Price still on crossroads
After three recent fakeouts for a breakout since September, MATIC seemed to be underperforming price-wise. After reaching a multi-month high of $1.79 on September 5, the alt made lower lows while teasing the market with a potential breakout.
Nonetheless, the asset has maintained above the crucial $1.2 level all through October. In fact, MATIC had 5.76% daily gains at the time of writing but was down 1.54% weekly. While on the price front, MATIC didn’t seem to be making any big moves, the network strengthening utility could boost price action.
Network strengthening utility
Recently, Polygon Studios, the gaming, and development arm of Polygon, partnered with Unicly (UNIC), a protocol that combines, fractionalizes, and facilitates NFT trading. This partnership is expected to enable NFT projects built on Polygon to be eligible for whitelisting and receive incentives through UNIC rewards.
Amid the NFT boom, one striking trend was the high social anticipation around protocols that added a utility layer to NFTs. With this partnership, Polygon also looks set to boost the network’s utility. In fact, Unicly could further provide solutions to Ethereum’s gas fee problem which again pumps the network.
Based on these developments it could be anticipated that MATIC might break out especially, after consolidating for over a week. However, MATIC’s low trade volumes and low social anticipation amid growing network developments still acted as a roadblock.
Whales Added 1,899,990 MATIC to Their Holdings in Last 24 Hours
Two of WhaleStats’ top 1,000 Ethereum wallets just bought 900,000 and 999,990 MATIC tokens, respectively.
Two Ethereum whales have added the amount of 1,899,990 MATIC ($4,417,976) in the last 24 hours, according to crypto whale tracker WhaleStats. Two of the largest 1,000 Ethereum wallets tracked by WhaleStats just purchased 900,000 and 999,990 MATIC tokens, or $2,087,999 and $2,329,977 worth, respectively, as Polygon continues to be a top choice among large investors.
🐳 An ETH whale just bought 999,990 $matic ($2,329,977 USD).
Ranked #360 on WhaleStats: https://t.co/62Q8q8a3ZI
Transaction: https://t.co/JOXx2Li4XR#MATIC #ERC20 #DEFI #ETH #whalestats— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) December 8, 2021
MATIC, the native token of the Polygon blockchain, has risen from Dec. 4 sell-off lows of $1.62 to highs of $2.52 on Dec. 7, a nearly 55% gain.
🐋 An ETH whale just bought 900,000 $matic ($2,087,999 USD).
Ranked #207 on WhaleStats: https://t.co/2do7yJzgy7
Transaction: https://t.co/iVbOjdzivv#MATIC #ERC20 #DEFI #ETH #whalestats— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) December 8, 2021
MATIC was slightly higher at $2.35 at press time. Aside from the whale buy, the price increase is the result of more users becoming aware of Polygon’s cheaper prices, increased efficiency and scalability. The anticipation for Polygon’s virtual “zk day,” which is set for Dec. 9, is growing. The focus of the event will be on the applications of zk-STARKs and zero-knowledge (ZK) proofs, with Ethereum co-founder Vitalik Buterin expected to speak on the panel.
Polygon is a Layer 2 product that speeds up transactions by working on top of primary blockchains. It focuses on solving the Ethereum network’s scalability issues, which have resulted in congestion and high fees.
Polygon’s MATIC token is currently the 14th largest cryptocurrency with a market cap of $16.6 billion, according to data from CoinMarketCap.
MATIC, BNB, LUNA, And INJ’s Odyssey To The Moon!
Altcoins from the crypto sphere have been raging ahead at an impeccable rate, in terms of growth metrics, adoptions, and alliance. The flight path of numerous digital assets has been startling for the masses in the business. The code of conduct practiced by several altcoins has been challenging to most of the top-tier digital assets.
A protagonist from the industry illuminates altcoins like MATIC, BNB, LUNA, and INJ. While citing the tenacity of the blockchain in professing adoptions and alliance. Buyers from the crypto town have been holding digital assets while hunting for newer ones.
Will Altcoins Scrape The Limits Of The Sky?
The protagonist from the industry edifies MATIC, BNB, LUNA, and INJ. Which have been ascending in terms of utility and growing adoption. The aforementioned cryptos have been making their presence felt amongst enthusiasts in the crypto town.
Polygon teams up with Wanchain to launch a decentralized layer-2 to layer-2 cross-chain bridge connecting Arbitrum and Polygon PoS. This bridge empowers Polygon’s growing suite of solutions including Hermez, PoS, SDK, and Avail. The initiative would energize the growth metrics of the network while boosting the price. Owing to Arbitrum being the finest Ethereum roll-up solution. While Polygon is the top sidechain solution.
Binance Smart Chain (BNB)
Binance Smart Chain has implemented a fee-burning mechanism for its native token BNB. The gumption similar to that of Ethereum’s EIP-1559 could help numbers improve with on-chain metrics. The platform is the second most used blockchain in the world of De-Fi by TVL and transactions could benefit immensely from the burn.
Injective Protocol (INJ)
Injective Protocol will be launching gas-free deposits, the new users can earn rebates from transfer and trades on Injective Labs. The reimbursement can be claimed for any gas transfer fees that the user has incurred.
The makers have set forth a $120 million incentive program, such that users can earn rewards with every trade. The Injective bridge will be connecting to Terra. The platform will also be hosting a GuildFi token.
Terra is currently the third-largest blockchain by total value locked. The altcoin is ranking behind Ethereum and Binance Smart Chain while being ahead of Solana and AVAX as cited by the proponent. The ranking is despite the fistful applications being based on.
The industry proponent mentions that the platform could see a large amount of burn taking place. To get access to UST stable coins to enter Terra-based De-Fi. Which could also fuel the price to soar higher.
Collectively, the aforementioned digital assets have been receiving impetus at a steady rate, owing to the potential of the protocol. Enthusiasts from the communities are optimistic of the digital assets soaring higher with the commencement of the bull run.
MATIC, LUNA, and OKB Price To Pull-Off a Great Rally! Here’s What to Expect!
The world’s most valuable cryptocurrency is currently down more than 25% from its all-time high near $69,000 in early November. Bitcoin has entered bear market territory for the first time. Ethereum has rebounded from its most recent drop, has broken over a major barrier, and is now trading near $4,500. The market has regained its confidence. Amidst the market breakdown, a few altcoins like Matic and LUNA are performing extremely well.
LUNA Price to pull off a 50% rally
According to the host of the famous crypto channel Coin Bureau, an Ethereum (ETH) rival might soon pull off a 50% rally, and the worst of Bitcoin’s (BTC) drop is likely over. Guy, a pseudonymous crypto analyst, tells his 1.7 million YouTube fans in a new video that he’s interested in Terra, an open-source blockchain payment network (LUNA).
Demand for stablecoins on the platform and a recent protocol improvement, according to Guy, are driving LUNA’s recent strong price action. And, despite a minor correction over the weekend, if LUNA can return to $75 in the coming days, a $90 LUNA is on the way.
At the time of writing Terra is up by 12 percent and is trading at $72.
MATIC, OKB Price
Polygon, an Ethereum scaling solution, is also on Guy’s radar (MATIC). MATIC Price recent surge, according to the analyst, could be in anticipation of an event at which Polygon wants to make a “major announcement.”
Guy also mentions OKB, the crypto exchange OKEx’s utility token, hinting that despite the recent market activity, he would not trade the utility token.
“OKB has done nicely in the last year, but it pales in contrast to BNB [Binance Coin] and FTT [FTX Token].”I wouldn’t give financial advice, but I’d stick to traditional cryptocurrencies.”
At the time of writing, OKB was trading at $27.7, up 9 percent for the day.
When it comes to Bitcoin, the crypto analyst believes the recent meltdown was caused by a domino effect of traders liquidating their positions. Despite the drop, Guy believes the king cryptocurrency has strong support near the 200-day moving average, which is now around $46,500.