Recently, Polygon underwent a smooth transition from MATIC, upgrading to POL at a 1:1 ratio, ensuring investors’ holdings remained intact. This transition saw Polygon achieve a remarkable 1,019% surge in new addresses over the last 30 days.
Notably, other tokens on the Polygon network also experienced significant growth, with Wrapped Ethereum (WETH) on Polygon showing a 263% increase, LayerZero (ZRO) on Optimism with a 254% rise, LayerZero on Arbitrum with a 219% uptick, and USD Coin on Polygon with a 171% surge.
These figures underscore Polygon’s dominance within its network and across various chains. An increase in network growth typically signifies enhanced utility, thereby bolstering the long-term market cap potential of projects.
Observing Polygon’s Transaction Count
Post the network upgrade, Polygon witnessed a substantial surge in transaction count. Despite some minor fluctuations in mid-August, the transaction volume remained consistently high since July.
Presently, Polygon’s transaction count stands at 2.61 million, with a trading volume of $80 million over the past 24 hours, as per the latest data from DefiLlama. Moreover, the inflow of POL tokens hit $660 million, active addresses rose to 526,000, and the total value locked in the Polygon ecosystem reached $1.08 billion, indicating heightened activity within the network.
Positive Developments in the Crypto Market
Encouragingly, the broader crypto market is displaying signs of improvement. The shift in sentiment from extreme bearishness in July to a positive trend aligns with global liquidity movements. Historically, such transitions have heralded strong performances in the crypto market.
Given Polygon’s rapid ecosystem growth and fortified market position, it emerges as a promising investment avenue for long-term gains.
Assessing In/Out of the Money Metrics
An analysis of the “in/out of the money” metric reveals the presence of a significant number of profitable addresses within the $0.4002 to $0.4116 price range. Approximately 61.38% of POL addresses are currently in profit, translating to gains for 18.32K addresses.
Conversely, 36.04% of addresses (10.76K) are at a loss, while only 2.58% (around 769) remain neutral. This data from IntoTheBlock signifies a robust foundation for Polygon’s future growth, with numerous holders benefitting from the current price levels.
With strong metrics across the board, including network growth, transaction volume, and investment potential, Polygon (POL) is well-positioned for a price rally in the foreseeable future.