Polygon (MATIC) Mass Awakening of Old Addresses Sees Consumed Token Age Reach New All-Time High

Mass awakening of old addresses observed on Polygon network.

In a tweet on Wednesday, Santiment Feed highlighted that the consumed token age on the Polygon network had reached a new all-time high as old and dormant addresses moved large amounts of MATIC.

“MATIC’s token age consumed has hit an all-time high, indicating older addresses have moved assets swiftly. We can also see Polygon’s mean dollar age has also decreased, validating that older, dormant addresses have just moved a large chunk of coins,” Santiment tweeted.

? $MATIC‘s token age consumed has hit an #alltimehigh, indicating older addresses have moved assets swiftly. We can also see #Polygon‘s mean dollar age has also decreased, validating that older, dormant addresses have just moved a large chunk of coins. https://t.co/F2bIB7vQTV pic.twitter.com/mhYUuGAVhD

— Santiment (@santimentfeed) August 3, 2022

Santiment’s chart further shows that the average age of Matic sitting in addresses dropped by 14.5% in one day in August. 1.66T age consumed spike is the largest ever, showing token changing addresses multiplied by the time they spend dormant has been massive.

While Santiment does not specify the reason for this awakening, users speculate that it is related to a network token unlock. As reported by The Crypto Basic 1.4, B Matic tokens were Transferred Out of Project’s Vesting Contract, which no doubt raised concerns.

But in a tweet on Tuesday, Polygon revealed that founders claimed their tokens that were unlocked in October last year and April this year. Additionally, Polygon shows that founders have committed to staking the tokens, which total about 640 million MATIC, news several community members have received positively.

An update on token unlock?

As per initial distribution, founders token share was to unlock in Oct ’21 and Apr ’22. They did not claim these tokens.

Yesterday, those tokens (640M $MATIC) were claimed by founders, and they have committed to stake all the tokens in the network. https://t.co/aeqnhI1r7g

— Polygon – MATIC ? (@0xPolygon) August 2, 2022

MATIC, in recent months, has shown several impressive metrics, largely bucking the crypto downtrend. Notably, the token’s price surged by over 80% in July.

The Polygon network has received much positive attention, forming several headline-grabbing partnerships. Earlier in July, it was revealed that the firm was included in Disney’s business accelerator program, the only blockchain firm on the list. Less than a week ago, a part of the Mercedes Benz group revealed it is utilizing Polygon to launch a blockchain-based data-sharing platform.

Unsurprisingly, the network had a solid showing in Q2 2022. Polygon saw a 12% rise in unique crypto addresses, a 4% rise in total transactions, and a 49% drop in transaction cost. Additionally, the network saw an influx of 90,500 new developers, with an average of 1000 developers joining each day.

All of these strong fundamentals have not gone unnoticed by whales, as Ethereum whales aggressively add to their MATIC holdings. At the time of writing, MATIC is trading at the 0.8911 price point, down 0.44% in the last 24 hours but up 0.62% over the previous seven days.

– Advertisement –