In January 2023, Polygon’s cost jumped by more than 50%.
When it came to price performance in January 2023, Polygon [MATIC] beat cryptocurrencies with greater market capitalizations like Bitcoin [BTC] and Ethereum [ETH]. The price of MATIC climbed by 53% according to the most recent statistics, while BTC and ETH jumped by 41% and 36%, respectively.
However, MATIC has recently seen increase in its number of unique addresses as well, surpassing both Ethereum and Binance Coin [BNB], making it a dominant participant in the blockchain industry.
2/ Polygon has established itself as a dominant force in the blockchain industry thanks to its unique address count, which has been increasing quickly and is already surpassing both BNB Chain and Ethereum.
Polygon NFT is still increasing.
Data from Polygon Daily shows that in December 2022, Polygon’s NFT transaction and transfer counts soared. Throughout 2022, trading activity decreased, but it increased in the last months and reached a new peak in January 2023 with more over 200k traders.
This increase can be linked to the network’s introduction of various initiatives, including Lens Protocol, Reddit Collectible Avatar, and others. Additionally, CRYPTOSLAM’s statistics showed a significant growth in the number of buyers and sellers in the Polygon NFT ecosystem.
The overall NFT trade counts and transaction volume in USD for MATIC both increased in January 2023, according to Santiment’s graphic.
Looking forward to 2023
Recently, positive opinions around Polygon have increased, indicating the community’s confidence in MATIC. This was further demonstrated by the observation of an increase in MATIC buildup.
An Ethereum whale purchased 2,127,96 MATIC, according to WhaleStats, a well-known Twitter account that broadcasts information about whale behavior. This purchase was proof of rising whale interest.
Furthermore, CryptoQuant noted that MATIC’s exchange reserve was declining, which denoted a reduction in selling pressure. Another encouraging trend was the rise in both the overall amount of transactions and the profit per day in-chain transaction volume. However, MATIC’s MVRV Ratio showed a decline, which can cause issues soon.