Polygon (MATIC) is currently experiencing a bearish momentum, with significant losses seen in both weekly and daily charts. This is following an overall market trend where leading currencies, such as Bitcoin and Ethereum, have also reversed their gains from yesterday.
Bitcoin, which marked around a 10% gain in value yesterday, is now experiencing a loss of about 2.97% in the daily chart, while Ethereum is also down by 3.52%. Other well-known altcoins like Solana and DOT are also experiencing this bearish trend.
According to data from CoinMarketCap, MATIC is down by 5.04% in the last 24 hours and 8.38% down in the last seven days. Currently, MATIC is trading at $0.9946, but there has been an increase of 18% in the 24-hour trading volume at $638,951,630.
Furthermore, it has been reported that according to data from Intotheblock, MATIC holders in profits have decreased to 34% this week, which is the lowest it has been since February. This is a concerning development for investors in MATIC, as it suggests that the current bearish trend may continue in the short term.
Polygon Makes Strides In Q1 2023
Despite a recent downturn trend in the value of MATIC, Polygon, a Layer 2 scaling solution for Ethereum, has continued to make significant strides in Q1 2023.
According to the latest report from Messari, the State of Polygon Q1 2023, the Polygon PoS chain recorded an average of 400,000 daily active addresses and added a total of 22 million new addresses during the quarter.
Polygon PoS also dominated in the gaming sector, with popular games such as Planet IX, Sunflower Land, Hunters On-Chain, and Benji Bananas.
Additionally, the network launched the zkEVM Mainnet Beta, an open-source and permissionless EVM-equivalent solution with fast finality. The launch has seen multiple projects go live, and more partnerships are set to be announced.
Furthermore, Polygon ID was made available to the public under an open-source license, enabling anyone to be an issuer, verifier, or holder of a Web3 identity. The technology is already being used by multiple development teams.
Additionally, the network announced the spin-off of Avail, its data availability layer, to focus more on ZK-scaling efforts and align more closely with the Ethereum roadmap.
Despite challenges facing the crypto industry, Polygon has remained resilient and made significant progress in scaling solutions, innovation, and partnerships.
The continued success of Polygon will depend on addressing performance issues, developing its scaling and privacy solutions, and maintaining its network.
Related Reading | Solana’s Phantom Wallet Goes Multichain: Adding Ethereum & Polygon Support