Polygon’s MATIC Token Nears $1 Amid Surge in DEX Volume & PoS Addresses
In Brief
Polygon, a network for scalable Ethereum solutions, is experiencing an increase in trading volume on its decentralized exchanges (DEX). This could lead to the price of the native MATIC token exceeding the 1-dollar mark.
Rising DEX Volume at Polygon
Polygon recently saw an increase in its DEX volume. According to data from Sea Launch on Dune Analytics, Polygon’s DEX volume exceeded 1.6 billion dollars at this time. This put the network in fourth place in terms of DEX volume, the highest level in over a year. In March 2023, the volume was still about 1.5 billion dollars.
Polygon PoS Holds 1 Million Threshold
In recent days, Polygon’s Proof-of-Stake (PoS) addresses have shown a steady upward trend. The increase began around February 22 and exceeded the 1 million mark at this time. By February 29, this number had risen to over 1.22 million, representing a historic high.
TVL Holds 1 Billion Dollars
The total value of assets locked in Polygon (TVL) is showing positive growth. An analysis by AMBCrypto via DefiLlama shows a gradual increase that began in the previous month. The TVL was around 1.4 billion dollars at the time of this analysis.
MATIC Ends Strong, But Starts Weak
An evaluation of the price performance of MATIC by AMBCrypto revealed a final increase of over 6% in the previous week. MATIC reached a trading position of about 1.09 dollars, the highest level in weeks.
Our Assessment
The rising DEX volumes and the increasing TVL suggest that the Polygon network has seen increased activity in recent weeks. This could lead to the price of the native MATIC token exceeding the 1-dollar mark. However, it remains to be seen whether this trend will continue and whether it will have a positive impact on the price of MATIC.
Sources: Sea Launch, Dune Analytics, AMBCrypto, DefiLlama, TradingView, Adewale Olarinde, Saman Waris.
| Symbol | MATIC |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $0.47 |
| 24h % | 5.26 % |
| 7d % | -19.67 % |
| 30d % | 8.44 % |
| 60d % | 28.16 % |
| Official Links | Website |
| Socials | Reddit | X |
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