Noteworthy developments in the cryptocurrency market continue to make headlines. According to this, Polygon’s native token MATIC may soon revive. Analysts observed a significant increase in active addresses and dormant assets coming back to life. On August 28, blockchain data analysis platform Santiment reported an increase in onchain activity on Polygon.
Noteworthy Data in Polygon Ecosystem
A graph shared on X shows a strong increase in dormant token movement this week, coinciding with the second-highest number of Polygon addresses interacting with the network this year. The Santiment team commented:
“A notable increase in onchain activity could be a sign that MATIC will soon reverse.”
The data suggests a reversal from a longer trend. Data from the blockchain explorer Polygonscan shows a decline in address activity since the end of July. It dropped from 1.6 million to 700,000, approximately 50%, by the end of August.
According to Polygonscan, daily transactions have been trending down from five million in March to around three million by the end of August. However, despite the increase in activity reported by Santiment this week, Polygon remains at bear market levels.
What’s Happening with MATIC?
The MATIC price jumped to a two-month high of approximately $0.58 on August 25 but failed to maintain momentum and quickly fell back. Since then, the Layer-2 network token has dropped 24%, reaching a 10-day low of $0.437 on August 29 after a 5% drop in the last 24 hours.
According to CoinGecko, MATIC is down 85% from its all-time high of $2.92 in December 2021. On August 28, Binance announced it would support Polygon’s upcoming network token transition from MATIC to POL, planned for September 4. Meanwhile, on August 24, Polygon’s community Discord channel was compromised in a widespread attack that endangered various blockchain projects’ Discord servers.
