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According to Whale Alert, a Polygon (MATIC) whale transferred tokens worth 13.36 million from their stake wallet to an unknown destination. This move, indicating the withdrawal of potential capital gains and rewards, has sparked speculation among the crypto community about a possible sell-off.
Increasing Stake Amount in MATIC!
The total stake amount in the Polygon network reached 3.69 with a Current Reward Percentage (CRP) of 4.95%. This figure, valued at 2.02 million dollars, allowed approximately 815.41 million MATIC to be earned by the respective 103 validators. However, the whale’s withdrawal may not be primarily intended for selling. The reason behind this is the state of daily trading volume on exchanges. According to Santiment, the MATIC trading volume on exchanges has decreased to 185.11 million.
A decrease in overall trading volume indicates a decline in buying and selling of a token. Therefore, market participants are unlikely to be involved in the process of disposing of their MATIC assets. However, Polygon has also experienced a downward trend in network growth. Before the sharp decline, Polygon’s network growth had reached 165.00. Network growth indicates the number of new addresses participating in transactions for the first time.
Therefore, an increase in network growth indicates an increase in interest and adoption of the project. However, at the time of writing, Polygon’s network growth has dropped to 45,500. This decline may indicate that recently added addresses are refraining from making transfers or interacting with the project.
Current Status of the Polygon Network!
While network growth has been on a downward trend, the past seven days have been interesting for active addresses on the Polygon network. At the time of writing, the number of active addresses in the past seven days has reached 1.45 million. An address is considered active when it becomes a sender or recipient in a successful transaction. Therefore, whenever there is an increase in this metric, it may mean that unique transactions are remarkably impressive.
On the contrary, a decrease in active addresses may indicate a loss of interest in the token from market participants. Like active addresses, the seven-day circulation of MATIC also increased temporarily. However, the metric later decreased. The circulation of the cryptocurrency measures the number of unique tokens used in a specific period. Sudden increases in this measurement may indicate an increase in short-term selling pressure. Conversely, a decrease indicates the opposite. Therefore, a general overview of the evaluated criteria may indicate that MATIC may not feel a negative impact from the whale’s movement. However, investors may need to pay attention to the broader market direction to determine where the token will move next.
