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In 2023, an increase in the number of developers on Polygon (MATIC) was observed. How did this affect the overall situation on the network? In a separate development, the bankrupt crypto lending firm Celsius transferred some of its MATIC tokens to various exchanges. Did this provoke any reaction from the MATIC community?
The Influx of Developers to MATIC
A recent post revealed that Polygon experienced a higher influx of new developers last year compared to other networks. The report indicated that it was second only to Ethereum (ETH) in terms of the number of new developers. According to the collected data, the network was ranked 39th with 4,409 GitHub activities at the time of writing. Developer activities decreased by 45.86% compared to the previous month. There was a 43.87% decrease in commitments compared to the previous month.
While developments were taking place on the Polygon network, Celsius continued its token movements. This action was a continuation of the ongoing sales initiated last year by the institution to fulfill customer obligations. According to the latest update from Spot on Chain, Celsius transferred approximately 25.75 million MATIC worth about $21.26 million to two exchanges. A detailed analysis could show that the latest MATIC deposit transaction was split between Binance and Crypto.com.
Santiment Reports on MATIC
In general, at the time of writing, approximately 22.73 million MATIC worth about $18.79 million found its way to Binance exchange. Crypto.com also received a deposit of 3.02 million MATIC valued at $2.47 million. Data from the crypto analytics firm Santiment indicated a decrease in MATIC’s volume. Initially, the volume exceeded $800 million on January 11, but later dropped to about $313 million on January 17.
However, at the time of writing, the volume experienced a slight increase, reaching $444 million. Looking at the daily time frame price chart, a reversal can be seen following the attempts to rise on January 17. At the end of the trading day on January 17, the price settled around $0.8, a drop of over 4%. There was also a slight rise at the time of writing. The current trading value showed an approximate increase of 0.5%, sitting around $0.81.
