Polygon (MATIC) Price Drops Ahead of MATIC to POL Transition, NFT Sales Soar by 111%
- PHPzOriginal
- 2024-08-26 16:05:43236browse
Polygon's price experienced its first decline in ten days, dropping to $0.53 from a high of $0.582 last week.
Polygon's (MATIC) price experienced a slight downturn on Monday, dropping to $0.53 after reaching a high of $0.582 last week. However, despite this decrease, Polygon remains 60% above its lowest point this month.
The price decline comes as Polygon developers regain control of the network's social media account following a recent hacking incident. Meanwhile, third-party data indicates strong performance within Polygon's ecosystem.
According to CryptoSlam, weekly NFT sales on Polygon soared by 111% to over $12.7 million. The number of buyers increased by 35% to 88,000, while the number of sellers reached 25,000.
Polygon handled 356,700 transactions over the past week, with wash trading volume decreasing by 12% to $9.2 million. This performance makes Polygon the fourth-largest player in the NFT market, following Ethereum, Solana, and Bitcoin.
In the decentralized exchange (DEX) market, Polygon has also shown robust performance. DEX trading volume on the network rose by 7.32% to $770 million, positioning it as the seventh-largest DEX player. Prominent DEX networks within Polygon's ecosystem include Uniswap, Quickswap, Woofi, Dodo, and Retro.
Additionally, Polygon's total value locked (TVL) in its decentralized finance (DeFi) ecosystem has increased by over 10% in the last seven days, reaching $951 million. Despite this growth, Polygon faces significant competition in the layer-2 scaling solutions market from networks like Arbitrum and Base, which hold over $2.82 billion and $1.6 billion in assets, respectively. Arbitrum has notably emerged as a major DEX player, handling over $3.7 billion in trading volume over the past week.
Looking ahead, the upcoming transition from MATIC to POL is expected to bring new capabilities to the Polygon network, including enhanced services across all chains within the Polygon ecosystem and serving as the native gas and staking token for its proof-of-stake network. This transition could introduce further price volatility as the launch date approaches.
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