Spike

Polygon

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Polygon’s native token, MATIC, might be on the verge of a comeback, according to recent insights from blockchain analysts. On August 28, the analytics platform Santiment reported a significant increase in on-chain activity for Polygon, indicating a potential shift in market sentiment for the token.
Santiment’s <a href="https://x.com/santimentfeed/status/1828857731446649125" rel="noopener noreferrer nofollow">data</a> notes a sharp rise in dormant token movements this week, alongside the second-highest number of active Polygon addresses this year. These metrics suggest that MATIC could be poised for a reversal, sparking optimism among investors who have been closely monitoring the token’s performance.
<h2 id="span-style-font-weight-400-a-noteworthy-spike-span">A Noteworthy Spike</h2>
This sudden spike in activity is particularly noteworthy as it contrasts with a broader downtrend observed in the past months. According to <a href="https://polygonscan.com/chart/tx" rel="noopener noreferrer nofollow">data</a> from Polygonscan, the number of active addresses on the network saw a sharp decline, dropping from 1.6 million in late July to just 70,000 by the end of August—a staggering 50% decrease.
Daily transactions also followed a downward trajectory, falling from over 5 million in March to around 3 million by late August.
<h3 id="span-style-font-weight-400-matic-price-drop-span">MATIC Price Drop</h3>
Despite the recent surge in on-chain activity, MATIC’s price remains subdued, reflecting the broader bearish sentiment in the crypto market. After reaching a two-month high of approximately $0.58 on August 25, MATIC quickly lost momentum, dropping 24% to a ten-day low of $0.437 on August 29. The token is still down 85% from its all-time high of $2.92, recorded in December 2021.
<h2 id="span-style-font-weight-400-other-developments-span">Other Developments</h2>
Meanwhile, Binance <a href="https://www.binance.com/en/support/announcement/binance-will-support-the-polygon-matic-token-swap-to-polygon-pol-6a6de383727f4659a3050f7982e1620f?hl=en" rel="noopener noreferrer nofollow">announced</a> on August 28 that it would support the upcoming network token <a href="https://thecoinrise.com/polygon-to-migrate-matic-tokens-to-pol-in-september/" rel="noopener noreferrer nofollow">migration from MATIC to POL</a>, scheduled for September 4. This migration is part of Polygon’s broader strategy to enhance its ecosystem and potentially drive further adoption.
However, the <a href="https://thecoinrise.com/polygon-discord-breach-ripples-through-avalanche-and-zksync/" rel="noopener noreferrer nofollow">Polygon community faced a setback</a> on August 24 when its Discord channel was compromised in a widespread attack targeting the servers of several blockchain projects.
As the crypto community watches closely, the upcoming token migration and continued on-chain activity will be crucial in determining whether MATIC can break free from its current bearish trend and chart a new course toward recovery. While the signs of a resurgence are promising, the token still has a long way to go before it can regain the confidence of the market.
The post <a href="https://thecoinrise.com/polygon-matic-shows-signs-of-revival-amid-on-chain-activity-surge/" rel="noopener noreferrer nofollow">Polygon (MATIC) Shows Signs of Revival Amid On-Chain Activity Surge</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Polygon (MATIC) Shows Signs of Revival Amid On-Chain Activity Surge

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