Although crypto assets may have many different utility, at the end the performance of these assets will be measured by trading volume, price and market capitalization.
This is the most important lesson the Polygon network learned from MATIC (the native cryptocurrency of Polygon), which has continued to fall after reaching its peak 10 months ago.
The 14ThAccording to Cryptostat, the largest cryptocurrency by market capital is CoingeckoAs of writing,, trades at $0.813 Although it has lost 1.6% in the past 24 hours, it still holds a 6.2% increase over the previous seven days.
The asset, while still not at the ATH $2.92 that the crypto reached on December 27, 2021 is one of those assets that has been in the green ahead of the tail-end 2022 of the digital currency market.
Dapps Area: MATIC performs well
Polygon recently released a report which allegedly contained one of its most significant achievements for 2022.
This is due to an unprecedented increase in the number of decentralized applications (Dapps), that have been built on the Polygon Chain, which has reached the 53K mark by the end of this thiRdThis is the quarter of 2008.
It is almost three times larger than the March total tallied in Polygon, and about 60% greater than the total of the entire seco.http://nd. quarter.
MATIC cryptocurrency creators have every reason to rejoice such accomplishment, as Dapps often are built into the Ethereum network.
This surge could be due to Polygon’s recent partnership with Robinhood, Starbucks and Nothing.
Crypto continues to struggle amid Milestone
The success of the Polygon network in Dapps is a testament to its ability, but its crypto market performance does not look so great according to certain metrics.
MATIC’s 24-hour trading volume as of this writing is $271.58 million after falling by 6.86%. Also, the cryptocurrency is experiencing a decrease in its daily circulation.
The digital asset had 117.36 millions of circulating supply on October 3. This number has fallen to 869,000 as of press time.
Although the drop in addresses to the crypto has been significant, it is still down from 2,747 and 2,407 respectively.
Negativity just seems to keep on piling for MATIC, as its social volume is also on a downward trend, indicating the crypto community is not that enthusiastic with the asset’s future.
The token has a 0.023% social dominance, which is far below the 1.589% that it had on September 21, 2022.
MATIC market capital at $7.21 Billion | Featured image from The Daily Hodl, Chart: TradingView.com