Polygon’s recent trend (MATIC), has been a bearish one, raising concerns within the sector. MATIC maintains a bearish view despite the ongoing 2022 cryptocurrency market correction. The token’s value has dropped by more than 60% from $2.92 December 27, 2021.
Despite being a significant characteristic of cryptocurrency, volatility continues to be controversial. This has prompted mixed reactions within the virtual world. It is what determines whether assets are profitable. It can also serve as a foundation to collapse a project that was once growing despite its history.
Polygon Network would need to find new motivators in order for it to recover its decline after activities have ended. It has been so. launchedNFT Minter has a new version which allows users to create NFTs by using custom functionalities. This NFT execution is free for customers.
Many functionalities were integrated into the network by using ERC-1155, ERC-721, regular NFTs and Soulbound. Also, Polygon’s team is concluding its plan for the release of a wholesome minting API. It also has Unity SDK integration launched and expansion of batch support.
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Polygon’s move is an attempt to further penetrate the crypto market. The option to mine with gas fees is becoming more attractive for both existing and potential users. This is evident in the higher investment made by MATIC wallet holders.
Through NFT adoption and elaborate gaming, the Polygon network saw an increase in customers. It recorded up to 45.5 increase in its NFT marketplace – OpenSea in 2021. However, the current outturn for 2022 tells a very different story.
Hope For Polygon To Recover Previous Losses
You can see a comparison between ETH wallets that have MATIC tokens (as of May 1, 2016) and those from Dune Analytics. This shows that the first has a higher level than those of the second. The minimum 35,309 wallets that hold ETH have at least 1,000 MATIC coin. A minimum of 134.078 Ethereum wallets must hold at least 100 MATIC coins.
The Proof-of-Stake (PoS) is another positive feature of Ethereum. It’s the largest Ethereum commit chain. Polygon PoS Chain has seen an increase in the number of addresses it holds.
Customers could use this Chain to do many activities such as token trading, market predictions and playing games. In September 2021, the Chain added more than 2.5 millions new addresses within a single day. Since then, there has been a progressive increase in Polygon’s unique addresses.
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Polygon users may have experienced losses due to the bearish trend. They still trust in the sustainability of the project. It’s of interest to note the number of unique addresses on a network is not equivalent to its users. To suit their needs, some users may create more than one address.
Polygon is currently undergoing a new correction of 1%, which has brought the MATIC price to $0.62 as of the writing.
Featured Image from Pexels. Chart by TradingView.com