Can MATIC maintain the ongoing hype around Polygon’s latest updates

On Nov 6, 2022

Data analytics platform, Santiment posted a update on Polygon [MATIC] as of on 5 November. According to the tweet Polygon’s prices have grown tremendously since the beginning of November. Furthermore, it also witnessed significant network growth in the same time frame.

📈 #Polygon‘s price has been on a tear to kick off November, and a lot of #onchain metrics have supported this growth. $MATIC‘s massive surge in network growth and drop in supply exchanges is typically a recipe for success. Read where things stand now! 😀 https://t.co/av1NcWFX10 pic.twitter.com/4JxF4DqFV7
— Santiment (@santimentfeed) November 4, 2022

All okay MATIC?

One reason stated for the same was Polygon’s growth in the social sector. As can be seen from the image below, Polygon and MATIC appeared on Santiment’s social trends list. This indicated a high interest in MATIC from the crypto community.

Source: Santiment

To back this up, data from LunarCrush also revealed that over the past week, the number of social mentions for Polygon had grown by 93.45%. Additionally, the number of social engagements also increased by 109% in the last week.

On a positive note

The weighted sentiment around MATIC remained as positive as around Polygon. Additionally, the weighted sentiment around the latter grew tremendously over the past few weeks. However, the transaction count on the Polygon network declined over a similar time period. This pointed towards the conclusion that the number of transactions being made on the network had reduced.

Although the transaction count had declined, Santiment reported that Polygon’s network growth was the highest it had been in months. This implied that the number of new addresses that transferred the MATIC token for the first time had increased.

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Source: Santiment

Polygon also performed well in the DeFi space as well. From the image below, it can be observed that Polygon’s TVL grew considerably over the past few weeks. At press time, the total value locked by Polygon was at $1.37 billion. This value appreciated by 6.91% in the last 24 hours, according to DeFiLama.

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Source: DeFi Lama

Polygon’s dApps such as QuickSwap and The Sandbox also managed to observe some growth in terms of unique active wallets as well. According to DappRadar, the number of unique active wallets on QuickSwap grew by 17% over the last week. For The Sandbox, the growth was 14% during the same period.

At press time, MATIC was trading at $1.18 and appreciated by 6.48% over the past 24 hours. Its volume increased at the same time as well, growing by 16.98%.

This article first appeared on AMBCrypto