What you need to know about MATIC’s latest market challenges

• Polygon features among networks with high numbers of new developers.
• MATIC has halted its attempted uptrend.

In 2023, Polygon [MATIC] saw an increase in the number of developers. How has this influenced the overall commits on the network?

Separately, bankrupt crypto lender Celsius has transferred a portion of its MATIC holdings to various exchanges. Did this prompt any response from the MATIC community?

Polygon sees new developers

A recent post showed that Polygon saw a higher influx of new developers in the past year compared to other networks.

The report showed that it ranked second in terms of the number of new developers, only behind Ethereum [ETH].

The network held the 39th position at press time with 4,409 GitHub commits, as per the gathered data.

Over the past week, developer activity has decreased by 45.86% compared to the previous month. Commits witnessed a reduction of 43.87% compared to the month before.

Celsius moves more MATIC to exchanges

As developments unfolded on the Polygon network, Celsius continued its token movements. This action marked a continuation of the institution’s ongoing sales initiated last year to meet client obligations.

According to a recent update from Spot on Chain, Celsius transferred 25.75 million MATIC, valued at around $21.26 million, to two exchanges.

A detailed analysis showed that the latest MATIC deposit was split between Binance and Crypto.com.

Specifically, 22.73 million MATIC, worth around $18.79 million at press time, found its way to the Binance exchange. Crypto.com received a deposit of 3.02 million MATIC as well, valued at $2.47 million.

Reaction from MATIC?

Data from Santiment showed a decline in MATIC’s volume. Initially going over $800 million on 11th January, the volume subsequently dropped to around $313 million by 17th January.

However, as of this writing, the volume had experienced a slight increase, reaching around $444 million.

Source: Santiment

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Examining the daily timeframe price chart, it is evident that a reversal occurred on 17th January following attempts to rise. By the end of the trading day on 17th January, the price reduced by over 4%, settling at around $0.8.

As of this writing, there was a slight uptick, with the current trading value at around $0.81, showing an increase of around 0.5%.

Source: Trading View