- Polygon has seen the highest number of active POS addresses in its history.
- MATIC has reclaimed the $1 price zone.
The polygon [MATIC] network recently reached a milestone in the number of addresses. Have the number of transactions and MATIC responded accordingly to this increase?
Polygon-active addresses set a new record
An analysis of the Polygon scanner revealed a recent increase in address activity on the network.
The observed data showed that the number of active Proof-of-Stake (POS) addresses was over 1 million as of February 23. This metric reflects the daily number of unique addresses actively involved in the network as a sender or receiver.
Significantly, the figure recorded on February 23 marked the highest number of active addresses on the network.
Source: Polygon scan
Also when analyzing the daily transaction chartit was noted that there had been a recent increase in the number of transactions on the network.
However, this increase did not reach the peak observed in the number of active addresses. At the time of writing this, the number of daily transactions amounted to more than 4.2 million.
Polygon TVL sees a slight increase, but the volume remains the same
An examination of Polygon volume found that, as with daily transaction numbers, there was no corresponding response to the increase in active addresses.
Up the graph DefiLlama revealed that volume in the past 24 hours was approximately $138 million. This volume did not reach the highest level in recent weeks, as it exceeded $300 million in January.
However, there was a slight increase in the Total Value Locked (TVL). The analysis showed that TVL started to rise slightly around February 8, from about $850 million to about $870 million at time of writing.
Nevertheless, the increase in TVL was mainly attributed to the increase in the value of MATIC and other tokens on the network.
MATIC is having a mixed week
Polygon rose to $1 for the first time since December on February 20, up about 2.5%. However, a subsequent decline of more than 6% the next day brought the price back below the $1 range.
Despite an attempted recovery of more than 4% on February 22, which brought the price close to $1, it only reached around $0.9.
Source: trading view
How much are 1,10,100 MATICs worth today?
Nevertheless, at the time of writing, the price had climbed back into the $1 price range, showing an increase of over 2%.
Throughout all the swings, MATIC maintained its trend above 60 on its Relative Strength Index. At the time this article was written, the price was almost at 65, which indicates strong price development.