Polygon (MATIC) Price Falls Short Of Reaching Full Potential Despite Recent Developments

The recent trend for Polygon (MATIC) has followed a negative pattern, raising more concern within the industry. Within the midst of the 2022 extended cryptocurrency market correction, MATIC has a consistent bearish overview. From its value of $2.92 on December 27, 2021, the token has fallen by over 60%.

Volatility remains one of the significant characteristics of cryptocurrency that has generated mixed opinions within the virtual space. It creates the basis on which the profitability of the assets stands. Also, it could form the foundation for the collapse of a previously growing project despite its record.

With the overturn of activities, the Polygon network would depend on new motivating development to revive its downtrend. So, it has launched its NFT Minter new version that allows users to create NFTs using customizable functionalities. Also, this NFT execution comes with no gas fees for all customers.

The network-integrated several functionalities within the Minter, such as using ERC-1155 and ERC-721 standards, regular NFTs, and Soulbound. Also, Polygon’s team is concluding its plan for the release of a wholesome minting API. In addition, it has the Unity SDK integration launch and the expansion of batch support.

Related Reading | Bitcoin Dominates Derivatives Market To End May On A High Note

Polygon is trying to pry further with the crypto space with its move. More people regard the option of mining with gas fees to be very appealing both for intending users and existing coin holders. The evidence comes with the increased investment in MATIC from ETH wallet holders.

The Polygon network has experienced an increase in its customer base through the elaborate gaming and NFT adoption. It recorded up to 45.5 increase in its NFT marketplace – OpenSea in 2021. But the present outturn in 2022 shows a different storyline for the project.

Hope For Polygon To Recover Previous Losses

From the Dune Analytics record, you can make a comparison for ETH wallets with MATIC tokens as of June 1 and May 1. The former shows a significant peak than those from the latter. A minimum of 35,309 ETH wallets now have over 1,000 MATIC coins. Also, a minimum of 134,078 ETH wallets hold more than 100 MATIC coins.

Another significant positivity is through its Proof-of-Stake (PoS), the top Ethereum commit chain. The Polygon PoS Chain records a rise in its total number of unique addresses.

By using this Chain, customers could do a lot of activities like token swapping, market predictions, playing games, and others. The Chain made a single-day addition of more than 2.5 million new addresses in September 2021. Since then, there has been a progressive increase in Polygon’s unique addresses.

Related Reading | Institutional Investors Turn To Competitors As Ethereum Tumbles

Through the bearish trend of Polygon, about 98% of its users might have suffered some losses. However, they still believe in the viability of the project. It’s of interest to note the number of unique addresses on a network is not equivalent to its users. Some users create multiple addresses to suit their preferences.

Presently, Polygon has gone through a new 1% correction, bringing the price of MATIC to $0.62 at the time of writing.

Featured image from Pexels, chart from TradingView.com