Crypto assets have different utilities, but at the end of the day, their performance will be evaluated by their trading price, volume and total market capitalization.
That is perhaps the lesson that was reminded to the Polygon network and its native cryptocurrency MATIC, which continues to decline after attaining its all-time high just 10 months ago.
The 14th largest crypto by market cap, according to Coingecko, is trading at $0.813 as of this writing. It has been down by 1.6% for the last 24 hours but is still sitting on a 6.2% gain over past seven days.
While still far from the ATH of $2.92 which the crypto hit on December 27, 2021, the asset is among those that are on the green as the digital currency market prepares for the tail-end of 2022.
MATIC Performs Well In Dapps Area
Recently, Polygon released a report that supposedly contained one of the significant accomplishments of the network for the year 2022.
This pertains to the unprecedented growth in terms of the number of Decentralized Applications (Dapps) that are built on the Polygon chain, which reached the 53K mark at the end of the third quarter of this year.
The number is three times bigger than the one tallied by Polygon on March of this year and 60% higher than the total for the entire second quarter.
The creator of the MATIC crypto has every reason to celebrate such feat, considering Dapps are often built into the Ethereum network.
One potential reason for this surge is the recent partnership of Polygon with Starbucks, Robinhood and Nothing.
Crypto Continues To Struggle Amid Milestone
While the Polygon network enjoys its success in the Dapps arena, its crypto is not looking so good right now according to some metrics.
MATIC’s 24-hour trading volume as of this writing is $271.58 million after falling by 6.86%. The crypto is also witnessing a drop in its one-day circulation data.
On October 3, the digital asset recorded 117.36 million circulating supply. That number dwindled significantly to just 869,000 at press time.
Addresses for the crypto also decreased, from 2,747 to 2,407, although the decline seems to be insignificant.
Negativity just seems to keep on piling for MATIC, as its social volume is also on a downward trend, indicating the crypto community is not that enthusiastic with the asset’s future.
The token is currently sitting on an almost-insignificant social dominance of 0.023%, several steps behind the 1.589% it tallied on September 21, 2022.
MATIC total market cap at $7.21 billion | Featured image from The Daily Hodl, Chart: TradingView.com
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Author: Christian Encila