How This Crypto Notched A 60% Rally In This Area

Crypto assets have various utilities, but at the end of the day, their performance will be evaluated by their trading price, volume, and total market capitalization.

Perhaps this is the lesson that has been reminded of Polygon and its native cryptocurrency MATIC, which has continued to decline after hitting an all-time high just 10 months ago.

14The tenth The largest cryptocurrency by market cap, according to KoenigkuIt is trading at $0.813 as of this writing. It has fallen 1.6% over the past 24 hours but is still up 6.2% over the past seven days.

While still far from the $2.92 ATH hit by the cryptocurrency on December 27, 2021, the asset is among the assets in the green as the cryptocurrency market prepares for the end of 2022.

MATIC performs well in the Dapps area

Recently, Polygon released a report that supposedly contains one of the network’s significant achievements for 2022.

This relates to the unprecedented growth in the number of decentralized applications (Dapps) created on the Polygon chain, which reached the 53K mark at the end of this year.research and development quarter this year.

The number is three times greater than the figure recorded by Polygon in March of this year and 60% higher than the total for the whole second.second abbreviation a fourth.

The creator of the MATIC crypto has every reason to celebrate this feat, considering that Dapps are often integrated into the Ethereum network.

One possible reason for this rise is the recent partnership between Polygon, Starbucks, Robinhood, and Nothing.

Cryptography continues to struggle amid an important milestone

While Polygon is enjoying its success in the Dapps arena, its encryption isn’t looking good at the moment by some metrics.

MATIC’s 24-hour trading volume as of this writing is $271.58 million after declining 6.86%. Crypto is also seeing a drop in its trading data for a day.

On October 3, the digital asset recorded 117.36 million bids in circulation. This number has dwindled significantly to just 869,000 at the time of writing.

Cryptocurrency addresses also fell, from 2,747 to 2,407, although the decline appears to be insignificant.

Negativity seems to continue to accumulate for MATIC, as its social size is also on a downward trend, indicating that the crypto community is not excited about the asset’s future.

The token currently stands at an almost insignificant social dominance of 0.023%, a few steps away from 1.589% recorded on September 21, 2022.

MATIC total market cap at $7.21 billion | Featured image from The Daily Hodl, Chart:

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