Sure on-chain metrics counsel that blockchain scaling answer Polygon (MATIC) might be on the verge of a worth reversal, in line with the crypto analytics agency Santiment.
Santiment notes MATIC just lately witnessed a spike in lively addresses and dormant coin motion.
“Polygon has been among the many many networks declining since crypto’s retrace started again in March. Nevertheless, a notable spike in on-chain exercise could also be an indication {that a} MATIC reversal could also be brewing quickly. Lively addresses and dormant coin spikes are widespread indicators previous this.”
MATIC is buying and selling at $0.423 at time of writing. The Twenty eighth-ranked crypto asset by market cap is down greater than 2% up to now 24 hours.
Polygon’s on-chain exercise has been spiking because the challenge prepares for an imminent rebrand scheduled for September 4th. The brand new POL token will replace MATIC because the chain’s native fuel and staking asset.
First proposed final July, the rebrand is a part of the community’s transition to Polygon 2.0, which goals to ascertain the challenge because the “worth layer of the web.”
Polygon Labs co-founder Sandeep Nailwal said final 12 months that POL is designed to “ship the advantages of multi-chain staking with out the added dangers of restaking.”
“With the Polygon 2.0 proposal, the Polygon Ecosystem will broaden from a single chain to an ecosystem of L2s that may simply interoperate and share liquidity with one another.”
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