Polygon (MATIC) stands out among its cryptocurrency peers for the amount of time it has spent trading sideways.
Despite the fact that Polygon’s MATIC token has remained at much lower levels in November than it did in May. The network which was previously an Ethereum contender, is still up over 1100 percent year to date.
The news of the development of an improved ZK-based scaling solution boosted MATIC’s social volumes. The approach is likely to improve the Polygon network’s DApp approval process.
Many feel that this will help to alleviate Ethereum’s network congestion while simultaneously increasing the network’s utility.
This year, Polygon had a huge impression in the crypto industry, both in the spot market and in the DeFi market. Even yet, the network has seen a number of its Long-term Holders become impatient over the last month, and given MATIC’s price activity, they can’t be blamed.
Long-term holders moved the most in November, and the token supply has been taken over by the ever-increasing dominance of Short-term and Mid-term holders, who currently account for about 97 percent of the supply.
There has been an increase in the number of new investors who are taking advantage of MATIC’s falling price to accumulate at lower prices as a result of long-term holders’ market dominance declining from 8% to 2.2 percent since the turn of the year. Last week, as MATIC consolidated around $1.5, new addresses jumped to nearly 1.9 million in a single day.
With approximately 29 million MATIC buy orders, the network is taking up an investment tempo that will assist the network recover from long-term holders’ dumping. The price of MATIC is expected to rise quickly as long as the bull cycle continues.