MATIC Value Rises Amidst Losses; Polygon Migration Looms
The Essentials at a Glance
The cryptocurrency market is constantly changing, and one of the currencies that has attracted attention recently is MATIC from Polygon. In the past week, MATIC recorded an impressive increase of 27.37%, but despite this upward trend, analysts warn of a possible correction. A large proportion of long-term MATIC holders are in a loss position despite recent gains, which could lead to selling pressure. In this context, an important migration from MATIC to POL is also imminent, scheduled for September 4, 2024.
Long-term MATIC Holders in a Dilemma
According to data from IntoTheBlock, 90.44% of MATIC addresses, equivalent to 587,240 addresses, are “Out of the Money”, meaning their purchase price is above the current value. Only 5.34% of addresses are in a profit position, while 4.22% of addresses have reached break-even. These figures suggest that the majority of MATIC holders are experiencing losses at current prices, which could lead to increased selling pressure.
Active Addresses Paint a Different Picture
In contrast to long-term holders, active MATIC addresses show a more positive trend. 79.75% of active addresses are “In the Money” and currently hold MATIC at a profit. This contrasts with long-term holders, as active traders have benefited from recent price increases. However, 15.58% of active addresses are “Out of the Money”, suggesting that some traders could be at risk in the event of a correction.
Migration from MATIC to POL
The upcoming migration from MATIC to POL as the new gas token is an important step for the Polygon network. This migration, scheduled for September 4, 2024, will replace MATIC with POL as the gas token for the Polygon PoS. This transition will be automatically handled via a smart contract, converting MATIC to POL at a 1:1 ratio. After the update, all transactions on the Polygon PoS network will automatically use POL. No action is required for MATIC holders, as the migration is handled by the contract.
Our Assessment
Despite the impressive price increase of MATIC in the last week, caution is advised. The data suggests that a large proportion of long-term holders are experiencing losses, which could lead to increased selling pressure. However, the upcoming migration to POL represents an exciting development step for the Polygon network and could have long-term positive effects. Investors should closely monitor market developments and carefully weigh their investment decisions.
Sources: IntoTheBlock, DefiLlama
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