The outflow from the MATIC exchange increased following the news of the token upgrade. The number of new addresses joining the network decreased.
Behind the scenes, Polygons [MATIC] The decision to convert its own token to POL appears to be in line with holders’ wishes. As mentioned earlier, the arrival of POL does not mean the departure of MATIC. It would rather be an upgrade if approved.
How many Worth 1.10.100 MATICs today?
According to Santiment, the outflow of MATIC scholarships has suddenly increased since July 17. The exchange outflow is defined as the number of tokens withdrawn from crypto exchanges. Sometimes these withdrawals go to non-custodial wallets, as users prefer to strengthen security.
But such action does not just stop there. From an investor’s perspective, trading means securing assets with the potential to perform well in the future. And this seemed to be the case with MATIC.
Around the same period, the outstanding interest per exchange fell to 38.48 million. The drop in this metric showed that the average market participant had little interest in depositing MATIC on exchanges or selling the tokens.
Source: Sentiment
Polygon’s network growth also picked up between July 10 and July 14, with more than 500 new addresses joining the network. Usually, network growth describes the number of new addresses on a network.
At the time of writing, Polygon’s network growth had dropped to 464. This implies that the initial adoption experience had declined. So the traction wasn’t as exciting as before.
Despite the decline of network growth, MATIC’s weighted sentiment has risen steadily. The weighted sentiment describes the unique social volume associated with an asset. If the metric is positive, it means that the average comments on the asset smell of confidence.
Conversely, when the weighted sentiment is negative, it means that the average perception is gloomy. In the case of MATIC, the weighted sentiment was -0.612.
But since it was an improvement from the value a few days ago, it implies that insight was changing.
When it comes to the 90 days dormant circulation, on-chain data showed there has been some movement lately. The dormant circulation follows the movement of tokens held for the long term.
Read Polygons [MATIC] Price prediction 2023-2024
In particular, on July 17, about 19 million dormant MATIC tokens moved from wallet. While it was not certain which wallet these tokens ended up in, it was almost certain that they were not exchanges. Therefore, MATIC is unlikely to experience any major selling pressure.
Source: Sentiment
However, if the trend changes such that the exchange’s inflows exceed the exchange’s outflows, MATIC may be at risk of falling. At the time of writing, the token was exchanging hands at $0.79 – up 6.76% in the past 24 hours.
This post From MATIC to POL, this is how investors prepare
was published first on https://ambcrypto.com/from-matic-to-pol-heres-how-investors-are-preparing/
