At the time of writing, Polygon [MATIC] was trending on Twitter. You might think that’s a good sign for the asset, but since LUNA’s Do Kwon was also a trending topic, it’s worth taking a look to make sure Everything is going well.
A dramatic period
At press time, MATIC was the 17th largest crypto by market capitalization, trading hands at $0.7091. Although the coin was up 3.53% in the past day, it lost 25.65% of its value in the past week. That being said, investors were still actively involved in the asset as volumes increased over the past week.
However, the real shock has been the extent of MATIC’s development activity, which has soared until it is on course to beat the network’s all-time highs reached earlier in 2022. It’s a sign building on the confidence of builders and investors in the ecosystem – and its potential for growth.
On top of that, it is interesting to note that transactions of whales worth over $1 million have increased. This trend became particularly noticeable as MATIC prices fell last week. However, some whales became active when prices started to recover. But whale activity surged especially after MATIC fell below the psychological price of $1.
Polygon vs Folie-gone
That being said, there are also some concerns. Although MATIC’s development activity has increased, MATIC’s offering on exchanges has also increased. This suggests that investors are selling their coins and taking the profits as MATIC attempts to break out of the decline.
In order to convince more traders of HODL their MATIC, the project will have to expand and penetrate new territories. In a Forbes article posted on May 12, Polygon co-founder Sandeep Nailwal shared his thoughts on “smart regulations” while applying blockchain solutions in the retail industry.
insisting on “chain management and traceability”, Nailwal argued for a framework that would ensure user data is handled securely.