MATIC flipped SHIB to become the most traded token among whales.
MATIC’s weekly chart was green and market indicators suggested a further price increase.
Polygon [MATIC] has shown growth in its DeFi space in the past, with several new integrations helping to expand the network’s offerings and capabilities. The latest is the integration with Dopex, a decentralized options exchange.
And just like that @dopex_iothe decentralized options protocol, has been launched #onPolygon.
Users can now take advantage of the range of options Dopex has to offer 🙌🏾
Learn more 👉🏾 https://t.co/bcSxdfYVZf
🧵👇 pic.twitter.com/oesAxzVIl8— Polygon (@0xPolygon) February 3, 2023
Realistic or not, here it is MATIC market cap in BTCs conditions
According to the official announcement on February 4, the launch of Dopex on Polygon brought Atlantic Straddles and SSOVs (Single Staking Option Vaults) to the DeFi ecosystem. Polygon said this launch was a step forward for Dopex, allowing the platform to reach a wider audience and give users more options to take advantage of its innovative features.
MATIC also responded
Polygon’s growth in the DeFi space was further evidenced by taking a look at DeFiLlama’s facts, as the Total Value Locked (TVL) gained momentum since the beginning of this year. The price of MATIC also reacted positively to these developments and the daily and weekly charts were painted green.
From CoinMarketCap, MATIC was up more than 3% and 6% in the past 24 hours and last week, respectively. At the time of writing, it was trading at $1.23, with a market cap of over $10.7 billion.
The increase of MATICThe price may have played a part in making the token popular again among the whales. WhaleStats revealed that MATIC flipped Shiba Inu [SHIB] to become the most traded token in the top 100 Ethereum [ETH] whales.
📰 JUST IN: $MATIC @0xPolygon turned around $SHIB for MOST TRADABLE token in the top 100 #ETH whales
Check out the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#MATIC #SHIB #whale statistics #babywhale #BBW pic.twitter.com/Roktl61yqr
— WhaleStats (crypto whale tracking) (@WhaleStats) February 4, 2023
As the price rose, MATIC’s MVRV ratio registered an uptick, looking bullish. MATIC’s popularity grew along with its social dominance. In addition, MATIC’s daily on-chain transaction volume in profits also increased, which can be attributed to the recent price increases.
Source: Sentiment
However, CryptoQuant’s facts revealed some stats that were concerning. For example, MATICnet deposits to exchanges are high compared to the seven-day average, indicating higher selling pressure. Foreign exchange reserve also increased, again demonstrating an increase in selling pressure.
How many 1,10,100 MATICs worth today?
The running of the bulls to continue?
MATIC’s daily chart painted a bullish picture as most market indicators supported continued gains. The MACD revealed that the bulls had the upper hand in the market.
Despite a slight decrease, MATIC’s Chaikin Money Flow (CMF) and On Balance Volume (OBV) were relatively high. The Bollinger Bands have indicated that MATICThe company’s price was in a high volatility zone, further increasing the likelihood of a price increase in the coming days.
Source: TradingView
This post Polygon’s DeFi space shows more promise: How will MATIC respond?
was published first on https://ambcrypto.com/polygons-defi-space-shows-increased-promise-how-will-matic-react/
