Can MATIC Retain Ongoing Hype Amid Polygon’s Recent Updates
Santiment, a data analytics site, posted Polygon’s update as of November 5. The tweet indicated that MATIC’s price had recorded attractive surges since early November. Moreover, crypto saw substantial network growth within that timeframe.
Is Everything Fine?
Such developments emerged as Polygon noted growth within the social front. Santiment’s chart shows MATIC and Polygon surfaced on the analytics platform’s social trends list. That confirmed increased MATIC interest from the cryptocurrency community.
Also, LunarCrush data indicated an uptick in Polygon’s social mentions within the previous week, with the metric growing by 93.45%. Moreover, the social engagements index recorded upsurges, gaining 109% within the past seven days.
The Positive Side
Polygon and MATIC maintained positive weighted sentiments. Moreover, the former saw this metric growing massively within the previous few weeks. Nevertheless, Polygon’s transaction count plummeted in that timeframe. That indicated reduced transactions on the platform.
Despite the declined transaction count, Santiment shows Polygon experienced the highest monthly growth. That suggested an increase in new wallets transacting the alt for the first time. Furthermore, Polygon noted lucrative performance in decentralized finance (DeFi).
DeFiLlama confirmed that Polygon presented a notable growth in TVL within the last few weeks. While publishing this blog, Polygon’s total value locked hovered at the $1.37 billion high. That indicated a 6.91% increase within the past day.
Polygon’s decentralized applications (Dapps), including Sandbox and Quickswap, also noted growth in new active wallets. DappRadar data shows QuickSwap’s active wallets grew by nearly 17% within the past week.
Meanwhile, Sandbox experienced a 14% surge on that front. While publishing this post, MATIC traded at $1.18, surging 6.48% within the previous 24 hours. Its volume gained 16.98% in that timeframe.
The cryptocurrency market has seen uptrends over the past few sessions. Bitcoin hovered above the $21k region during this publication. While writing this blog, the leading crypto changed hands near $21,175, declining by 1.03% within the last 24 hours.
MATIC investors should watch Bitcoin’s actions as the alt shares an impressive correlation with the leading crypto. Meanwhile, BTC should maintain its actions beyond the $21K value area for extended upsides in the upcoming sessions. That would support MATIC’s upside trajectory.