Polygon (MATIC) Price Analysis: POL Eyes $0.4 After a Successful MATIC to POL Migration
- 王林Original
- 2024-09-08 03:48:10645browse
The past few months have seen many in the crypto market eagerly anticipate the upgrade of Polygon's MATIC to POL.
.4 After a Successful MATIC to POL Migration" >
Polygon’s native token recently migrated from MATIC to POL. This transition has brought about several changes in the token’s performance and market dynamics.
After a prolonged bearish trend, which saw MATIC’s price drop by 10.75% on the weekly charts and 7.38% on the monthly charts, the token’s performance seems to have improved following the migration. At press time, POL was trading at $0.3773 after a 1.45% hike in 24 hours.
Moreover, the market capitalization of POL also rose by 3.44% to $2.1 billion over the same period. This shift highlights the significance of the upgrade and the market’s favorable response towards POL.
Analysis by Santiment reveals that POL has indeed seen exponential growth on the network front. With 487 new daily addresses created at the last count, the altcoin is on track to surpass MATIC’s figures in 2 weeks.
Furthermore, since 15 August, thousands of MATIC wallets liquidated their wallets to facilitate the swap. In the same period, over 1826 POL wallets were created, marking a 64% rise on the charts.
Notably, the markets saw POL supply held by 1 million plus wallets fall from 98% to 92% in 2 weeks. This occurrence usually happens when small and mid-sized traders jump into a new asset with haste. However, the trend will likely slow down after Binance lists its pairs. As reported earlier by AMBCrypto, Binance will be delisting MATIC pairs starting 10 September.
Several factors might be driving traders’ interest in POL despite the token’s price volatility, which has seen some extreme highs and lows for altcoins.
Apart from the multi-chain staking capability and the increased user control in governance, traders are also attracted to POL for its long-term benefits in the ecosystem
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