Polygon [MATIC]: Assessing how ‘interested’ investors really are
A smart man as soon as stated, “Earlier than you save the world, ensure your personal home is so as.”
Following a chat with CNBC at this yr’s World Economic Forum (WEF) Annual Assembly, Mihailo Bjelic, the co-founder of Polygon, tweeted that each entity from banks, enterprises, media firms, and non-governmental organizations is conscious of Polygon and is seeking to work with it.
Nevertheless, down 73% because the starting of the yr, Bjelic seems to be struggling to maintain buyers’ curiosity. Particularly as Polygon’s native token MATIC is having a tough time maintaining the bears away.
Now, how has this token fared over the past 150 days?
The Herculean activity of sustaining buyers’ curiosity
With a market capitalization of $5,115,026,646, data from CoinMarketCap revealed that Polygon’s MATIC was ranked seventeenth at press time. Beginning the yr at an index worth of $2.53, the alt appeared to have been struggling to push back bears for the final 150 days.
The general bearish bias that has plagued the cryptocurrency market to date this yr has saved the Relative Power Index (RSI) for MATIC under the 50-neutral zone. Makes an attempt to interrupt by to overbought positions at numerous instances in February and March have been met with robust opposition from the bears, forcing downward curves at every level.
Having spent the higher a part of the final 150 days mendacity in oversold areas, the bears seem like successful the combat. On the time of press, this stood at 41.89.
Supply: TradingView
Struggling a big blow throughout the interval below assessment is the market capitalization of the crypto. With a determine of $5.11B at press time, MATIC has shed over 70% of its $18.1B market capitalization because the begin of the yr.
Polygon is flat on all sides
On-chain evaluation revealed the ailing nature of the crypto. Marking a excessive of 16,310 addresses on 13 January, the variety of distinctive addresses transacting MATIC has slowed down since. On the time of writing, this stood at 2314 addresses – An 85% decline in lower than 200 days.
Supply: Santiment
Moreover, the crypto on 8 February registered a excessive of 1.04B in transaction quantity. Nevertheless, this has since launched into a decline to peg the transaction quantity for the token at 31.15M at press time.
Supply: Santiment
Whale exercise has additionally suffered a decline since February. For transactions above $100k, a excessive of 510 was marked on 23 February. This has since been on a decline and on the time of writing, stood at 36.
Equally, for transactions above $1M, MATIC registered a excessive of 92 on 7 February. At press time, this stood at 1 – A 98% decline in lower than 5 months.
Supply: Santiment
