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Layer-2 network Polygon is reported to have competed with Ethereum in 2023, as each networks noticed essentially the most inflow of latest customers. This growth has as soon as once more raised considerations about MATIC’s price, contemplating that such an achievement ought to probably imply that new cash moved into the ecosystem final 12 months.
Polygon and Ethereum Acquired The Most Customers In 2023
In keeping with a report by Blockchain analytics agency Flipside, Polygon and Ethereum led the pack with 30.6 million acquired customers in 2023. Giving an extra breakdown, Polygon is claimed to have acquired 15,24 million customers, whereas Ethereum attracted 15.4 million customers. In the meantime, these customers are outlined as individuals who carried out at the least two transactions on the networks.
Regardless of falling about 160,000 in need of Ethereum’s numbers, Polygon’s numbers are nonetheless spectacular, contemplating that it ranked forward of other networks like Bitcoin and Solana. The layer-2 community additionally outperformed different Ethereum L2 networks like Arbitrum, Optimism, and Base, which recorded 7.3 million, 3.3 million, and 1.9 million acquired customers, respectively.
Notably, Polygon hit the bottom operating as quickly as 2023 started, setting the document for monthly acquired users with 2 million in January. Apparently, January 2023 was the primary time MATIC rose above $1 in a really lengthy whereas. It held above that stage till the top of April 2023. After that, MATIC traded beneath that stage for many of the 12 months, solely rising above $1 in the direction of the top of December 2023.
MATIC value at $0.74 | Supply: MATICUSDT on Tradingview.com
Why Has MATIC Failed To Rise And Maintain Above $1
A recent analysis by Blockchain intelligence agency ChainArgos prompt that the Polygon team has been secretly promoting off MATIC tokens, one thing which might have accounted for the numerous promote pressures which have risen at totally different occasions for the crypto token. This might additionally function a believable clarification for why MATIC has struggled to carry above $1 regardless of having fun with nice utility.
The Polygon staff was accused of not executing its token allocations in step with the publicly acknowledged plan, with a part of the allotted funds accounting for a few of the tokens that have been offered. These secret gross sales, which have for lengthy gone beneath the radar, are stated to be circumvented through wallets linked to the crypto exchange Binance.
To this point, about 767 million MATIC have apparently been offloaded in these secret transactions. ChainArgos hinted at how these transactions have little question affected MATIC’s price on totally different events, as they famous that the outflows are a “good indicator for an upcoming high and subsequent transfer decrease.”
On the time of writing, MATIC is buying and selling at round $0.73, up within the final 24 hours, in accordance with data from CoinMarketCap.
Featured picture from CoinGape, chart from Tradingview.com
Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your individual analysis earlier than making any funding selections. Use info offered on this web site totally at your individual threat.
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