Polygon Shows Signs Of Reversal Amid On-Chain Activity Surge And Upcoming $MATIC To $POL Swap

Polygon, one of the networks experiencing a downturn since the broader crypto retrace began in March, may be on the verge of a turnaround.

Recent on-chain activity suggests that a reversal for $MATIC could be brewing. Notably, spikes in active addresses and dormant coin movements, which often precede price rebounds, have been observed.

📊 Polygon has been among the many networks declining since crypto’s retrace began back in March. However, a notable spike in on-chain activity may be a sign that a MATIC reversal may be brewing soon. Active addresses and dormant coin spikes are common signals preceding this. pic.twitter.com/RY5NXe10ZW

— Santiment (@santimentfeed) August 28, 2024

On August 28, Polygon saw 3,369 $MATIC addresses interacting on the network, marking the second-highest day of activity this year.

Additionally, a significant movement of 69 billion $MATIC, known as “dormant coin movement,” was recorded, signaling that long-held tokens are being moved—a potential indicator of an impending price shift.

In a significant development, Binance has announced it will delist $MATIC as the token undergoes a rebranding. $MATIC will soon be renamed $POL, with all existing $MATIC tokens automatically swapped to $POL at a 1:1 ratio. This change is part of Polygon’s broader strategy to evolve and expand its ecosystem.

*⚠️Binance Will Delist Matic*

*$MATIC Will change their Name into $POL.*
*All Matic Automatically Swap To Pol Ratio = 1 MATIC = 1 POL Token.*
*Be Informed!*
*If you have matic on your decentralized wallet send them to binance as they will automatically convert all matic pic.twitter.com/l3B2Ks614f

— Aniyikaye £n¢®¥pTed™ ☮️🈳😎 (@encryptedav) August 28, 2024

MATIC Holders Can Send Their Tokens To Binance For Conversion 

MATIC holders using decentralized wallets will be able to send their tokens to Binance, where the conversion to $POL will occur automatically. This seamless transition aims to ensure that users experience minimal disruption as Polygon rebrands and continues its development.

As Polygon gears up for this significant transition, the recent surge in on-chain activity could be a precursor to a broader recovery. The increase in active addresses and the movement of dormant coins may signal renewed interest and confidence in the network, potentially leading to a positive shift in $MATIC’s market performance as it evolves into $POL.

Investors and traders will be watching closely to see if these signs of a reversal materialize into sustained gains for Polygon, especially in light of the upcoming rebranding and token swap.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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