Polygon outperformed other major protocols in terms of daily active users.
It also witnessed a spike in NFT activity, which can be attributed to the launch of an NFT collection by Donald Trump.

New data through Token Terminal revealed that the number of daily active users on Polygon’s [MATIC] network grew rapidly in recent days and outperformed popular protocols such as Arbitrum, Optimism [OP]and Solana [SOL].

Read Polygons [MATIC] Price prediction 2023-24

Polygon users become active

The data suggested that the number of users on Polygon grew steadily after September. However, the number of users on Solana declined over the same period. While Arbitrum and Optimism saw growth, it wasn’t enough to compete with Polygon.

One reason for Polygon’s increasing network activity could be the growing number of technical developments.

In a recent tweet created by Coil worn, a developer working on the Polygon technology, was mentioned as working on new hash functions. These hash functions would improve the status of zero-knowledge proofs on Polygon and improve the time it takes to complete each transaction.

Despite these developments, Polygon’s price action saw little movement in either direction.

The price for Polygon fell 39% between November 7 and November 21. After this, the price tested the $0.95 resistance and continued to fluctuate within the $0.87 and $0.95 range.

The high CMF of 0.10 indicated a positive outlook for MATIC. However, declining sales hinted that momentum was still with the buyers at the time of writing.

Source: Trade View

One factor that could revive interest in Polygon and help MATIC’s prices could be Polygon’s business in the NFT sector.

The Trump card

In a recent update, Sandeep Nailwal, the co-founder of Polygon, announced that former US President Donald Trump has launched his NFT collection on the Polygon network. This development could bring more attention to the Layer-2 solution.

At the time of going to press, 45,000 Trump NFTs had been minted, according to data Dune analysis. The hype around the new Trump NFT Collection, along with the success of the previously launched Reddit Collectibles, could help improve the state of Polygon’s NFT business.

Due to multiple developments on the NFT side, Polygon’s weekly NFT marketplace transactions have increased significantly over the past two weeks.

Source: Dune analysis

However, it remains to be seen whether these positive developments will affect Polygon’s long-term growth.





This post Made Donald Polygon [MATIC] triumph over other cryptocurrencies?

was published first on https://ambcrypto.com/did-donald-make-polygon-matic-triumph-over-other-cryptocurrencies/

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