Polygon (MATIC) Price Falls Short Of Reaching Full Potential Despite Recent Developments

The recent trend of Polygon (MATIC) has followed a negative pattern, sparking more concern within the industry. Amidst the extended 2022 cryptocurrency market correction, MATIC has a consistent bearish outlook. From its value of $2.92 on December 27, 2021, the coin is down more than 60%.

Volatility remains an important characteristic of cryptocurrencies that has generated mixed opinions within the virtual space. It creates the basis upon which the profitability of the assets is built. Also, it can form the basis for the collapse of a project that was previously growing despite its track record.

With activities upside down, Polygon Network will rely on developing a new catalyst to revive its downtrend. So, it has Launched Its new version of NFT Minter that allows users to create NFTs using customizable functions. Also, NFT implementation comes with no gas fee for all customers.

The network integrates many functions within Minter, such as using the ERC-1155 and ERC-721 standards, regular NFTs, and Soulbound. Also, the Polygon team is finalizing its plan to release a useful API for rail. In addition, it has the launch of Unity SDK integration and the expansion of batch support.

Related reading | Bitcoin Dominates Derivatives Market to End High in May

Polygon is trying to dig deeper into the crypto space with its movement. More and more people consider the gas fee mining option to be very attractive to willing users and existing coin holders. The evidence comes with increased investment in MATIC from ETH wallet holders.

Polygon Network has seen an increase in its customer base with the adoption of Mastered Games and NFT. An increase of up to 45.5 was recorded in the NFT – OpenSea market in 2021. But the current results in 2022 show a different story for the project.

Hope the polygon regains previous losses

sand dune analytics registerYou can compare ETH wallets to MATIC tokens from June 1 and May 1. The former shows a greater peak than that of the latter. At least 35,309 ETH wallets now hold over 1,000 MATIC coins. Also, no less than 134,078 ETH wallets contain over 100 MATIC coins.

Polygon (MATIC) price has fallen without reaching full potential despite recent developments
Source: Dune Analytics

Another significant positive is through Proof of Stake (PoS), the top of the Ethereum commitment chain. The Polygon PoS Chain records a rise in the total number of unique addresses.

Using this chain, customers can perform various activities such as exchanging tokens, forecasting the market, playing games, and more. The series added over 2.5 million new titles for a single day in September 2021. Since then, there has been a gradual increase in Polygon’s unique titles.

Related reading | Institutional investors turn to competitors as Ethereum collapses

With Polygon’s downside, about 98% of its users may have suffered some losses. However, they still believed in the feasibility of the project. It is important to note that the number of unique addresses on a network does not equate to its users. Some users create multiple addresses to suit their preferences.

Currently, Polygon has gone through a new correction of 1%, bringing the price of MATIC to $0.62 at the time of writing.

Polygon (MATIC) price has fallen without reaching full potential despite recent developments
MATIC is steadily standing at $0.62 | source: MATICUSD on TradingView.com
Featured image from Pexels, chart from TradingView.com

Leave a Comment

Your email address will not be published. Required fields are marked *