Polygon’s Efforts Fail to Halt MATIC’s 5% Decline Within 24 Hours

Polygon's Efforts Fail to Halt MATIC's 5% Decline Within 24 Hours

Rising Activity on Polygon Network

Recent developments on the Polygon network have shown a significant increase in activity, particularly in the realm of NFT volumes.

Development activity on the Polygon network has experienced a surge, contributing to the rising trend.

Despite the increase in Polygon’s NFT volumes reaching new highs, MATIC’s price has plunged by over 5% in the last 24 hours.

A Growing Number of Developments

An in-depth analysis of data, covering over 485 million code commits across 818,000 open-source repositories related to Polygon, has provided valuable insights into developer trends and behaviors.

Notably, Polygon’s Proof-of-Stake (PoS) chain has emerged as the second most favored choice among first-time developers, trailing only Ethereum [ETH]. This underscores the appeal of Polygon’s chain among developers.

The data also revealed that 2023 marked a significant year for multichain development, with 30% of developers supporting more than one blockchain.

  • Among these, Polygon PoS stood out as one of the most interconnected with Ethereum.
  • Despite an overall reduction in the number of developers, there were 22,000 monthly active developers on the protocol, showcasing a more globally distributed presence in the development landscape.

NFT Volumes on the Rise

The surge in development activity could help attract new users to the Polygon network. Moreover, there was a growth in interest in NFT volumes on Polygon as well.

Remarkably, in the past 30 days, Polygon’s NFT volume has seen a substantial 71% increase.

The number of NFT buyers on the network also witnessed a noteworthy uptick, registering a notable 47% rise. These metrics highlight the growing popularity and utilization of Polygon’s NFT ecosystem.

The increased volume and buyer participation also suggest heightened interest and engagement within the Polygon NFT marketplace.

MATIC Continues to Bleed

Despite these positive developments, MATIC’s price fell by 5.05% in the last 24 hours, trading at $0.716. This massive decline could be a symptom of a larger bearish trend, possibly triggered by Bitcoin’s [BTC] recent correction.

If the bearish movement of MATIC persists, it could be a symptom of a larger problem for the altcoin.