Polygon (MATIC), the Ethereum layer-2 protocol, has been on a tear this month. The coin has risen by more than 12% in the last seven days and is now worth $0.941.
Polygon has a market cap of just over $8 billion, making it one of the best-performing coins on CoinMarketCap.
This June, the price of Polygon dropped precipitously. However, it has gradually recovered since then, peaking at $1.04 in mid-August.
On October 26th, the MATIC price reached $0.95, close to its all-time high from August. Significant community support, strategic alliances, new product releases, and developer activity all contributed to this success.
At press time, the coin’s price has stabilized at around $0.94. However, it is an exception in the red crypto market.
MATIC has gained more than 12% and 26% over the last week and month, respectively. Polygon’s positive price performance during this time period has been fueled by significantly increased user activity.
The number of unique IP addresses on the network has increased significantly, according to CryptoSlate’s analysis, reaching levels not seen since July.
The number of Polygon users has increased, but this has not yet resulted in a MATIC sell-off. MATIC is being withdrawn from exchanges in greater numbers, indicating that users’ focus is shifting away from trading.
They are now using the tokens on the Polygon platform’s many dApps and services.
The highest exchange outflow for MATIC, according to CryptoSlate data, occurred in April 2021. This was precisely when MATIC’s rapid rise drove its price to an all-time high of $2.
Polygon’s user base grew in October as a result of the platform’s overall popularity. It has quickly established itself as the preferred platform for a wide range of organizations, services, and products, including Reddit and its ambitious NFT plans.
, the Ethereum layer-2 protocol, has risen by more than 12% in the last seven days and is now worth $0.941.){kind=link}