A substantial volume of Polygon’s MATIC tokens was just recently moved from a wallet connected to Hermez Network to a cryptocurrency exchange.
Blockchain analytical company SpotOnChain reported that an address related to Polygon’s Hermez Network moved about 3 million MATIC tokens, relating to $2.85 million, the crypto exchange Kraken. The address still holds around 16.8 million MATIC tokens, valued at roughly $16.1 million.
Is a MATIC Sell-off on the Horizon?
Normally, transfers to exchanges typically signify a bearish belief, suggesting a possible intent to offer. For this factor, there are issues about a looming sell-off regardless of the possession’s robust rate efficiency.
Crypto experts prepare for a substantial correction in the MATIC’s worth. Still, the bearish outlook might be followed by a bullish impulse.
“MATIC cost remains in a diagonal pattern, so it is likewise possible that the cost is currently in wave iv. Preferably, the rate does not break listed below $0.8328 to keep the upside pressure alive,” a popular trader stated.
Polygon (MATIC) Price Performance. Source: Man of Bitcoin
MATIC’s cost has actually decreased by 1.3% to $0.9218. This contrasts a weekly efficiency that saw it get around 10% in the last 7 days.
In 2015, the Hermez Network, an open-source Zero Knowledge Rollup, combined with Polygon. This combination caused the rebranding of Hermez as Polygon Hermez. It is concentrated on decentralized zk-rollup innovation, particularly targeted at improving the scalability of payments and token transfers atop the Ethereum blockchain.
Proof-of-Stake Addresses Hit ATH
Regardless of the growing indications of a sell-off, Polygon’s proof-of-stake chain reached a brand-new all-time high of 845,350 daily active addresses on February 16, per on-chain information. This turning point got here 16 months after the previous high of almost 800,000 active addresses in October 2022.
It lines up with a constant development pattern in distinct Polygon addresses, with over 11 million addresses developed given that the start of the year, moving the overall count beyond 403 million.
Polygon POS Active Addresses. Source: PolygonScan
Still, there is a noteworthy decrease in everyday deal volume. PolygonScan information exposes a decrease to roughly 3.8 million deals on February 16, below the 16.4 million tape-recorded on November 16, 2023.
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