MATIC price ready for new all-time highs as $188 million flow into Polygon

Polygon network’s on-chain activity was steady with 423,000 active addresses and an inflow of over $188 million.
Daily active addresses on the Polygon network are up over 116% since September 2021.
Over 1200 projects are building in the MATIC ecosystem, and analysts are bullish on the altcoin’s price.

The total number of transactions on Polygon network dropped nearly 15% due to a rise in transaction fees over the past week. This hasn’t negatively impacted the network as the number of unique daily active users remained stable.

MATIC gears up for a new bull run ahead with stable on-chain activity

Ethereum and MATIC both noted a decline in the number of users due to high gas fees. The decline was slightly more significant for MATIC, however looking at “from” addresses in transactions on the network, Polygon has maintained high activity.

Over the past week, the Polygon network witnessed an inflow of $188 million. The network’s revenues increased week on week; daily revenue is up 15%.

Polygon on-chain data

Polygon on-chain data.

Interestingly, the Polygon ecosystem has nearly 1200 teams developing their projects. MATIC’s utility is expected to hit a peak once the projects go live on the blockchain network.

The world’s largest crypto index fund manager, Bitwise Asset Management, recently launched its Polygon Fund. MATIC has higher exposure to professional investors.

The launch of the Bitwise Polygon Fund provides strategic exposure to @0xPolygon, one of the most essential innovations behind DeFi, NFTs, and gaming. Learn more: https://t.co/j67VV8uFSI pic.twitter.com/aZO20n62mu
— Bitwise (@BitwiseInvest) October 20, 2021

The fund is available to accredited investors with a minimum investment of $10,000. Coinbase Custody Trust Company is Bitwise’s custodian for the Polygon fund. Following the launch of the new fund, MATIC price resumed its upward climb.

Of the 1200 teams developing on the network, Joe Lau, Co-founder and CTO of Alchemy, was quoted as saying:

We’ve been blown away by the Polygon ecosystem and the quality of its builders, so it’s amazing to see just how quickly it’s growing.

Pseudonymous cryptocurrency analyst @Koolaid_crypto has shared a bullish outlook on MATIC price.

$MATIC in a nice bull flag i think :) #MATIC #MATICusdt #MATICNetwork pic.twitter.com/DgbwJQpCfp
— Crypto Koolaid (@Koolaid_crypto) October 22, 2021

FXStreet analysts have evaluated MATIC price and predicted that the altcoin would hit triple digits once it enters a new bull run.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.