Current Polygon Holders Could Decide the Future of MATIC

For many crypto assets to survive, they must have fundamentally solid offerings to increase global interest and usher in investors. This is similar to the case of MATIC, a notable cryptocurrency asset tied to its blockchain, Polygon.

The future of MATIC is becoming increasingly attached to Polygon’s market value and the network’s continuous growth and advancement.

Recent developments have strengthened this position, as new data has revealed that the Polygon network has hit multiple milestones. The Ethereum-based layer-2 scaling solution has recorded network breakthroughs over the past weeks.

In an update today in Polygon, it was revealed that the Polygon network has recorded growth. Daily active addresses have skyrocketed to levels last seen in October, reaching as high as 500,000.

It bears mentioning that according to data from Artemis, a cryptocurrency analytics firm, daily active users on Polygon PoS totaled 519,970 back in January. This marks a significant growth over a 30-day time frame, as the total number of active users was at a low of 247,200 in November.

Polygon (MATIC) unseats Bitcoin in user growth

MATIC is not only superseding its previous highs but also outperforming notable competitors like Bitcoin. According to data from Flipside Analytics, Poluhom ushered in 15.2 million new user addresses last year.

The milestone marks a 50% increase above Bitcoin’s 10.6 million users acquired in the same year. The development puts MATIC right beside Ethereum, another long-standing rival of Bitcoin.

The data is especially significant for gauging MATIC’s market potential, as an increased user base spotlights increased demand for the asset. Users’ sentiments could be swayed positively despite MATIC’s bearish performance in previous months. However, price action could be affected positively if adoption continues to soar.

Interestingly, this week has been largely bullish for MATIC despite the collective altcoin downtrend. At report time, MATIC is up by 0.46% and has successfully raked in more than 5% weekly gains. Conversely, monthly losses combined are still totaling above 13%. At press time, MATIC is trading for $0.52.

MATIC could continue its run into the new week or follow the same direction as its altcoin counterparts. However, as outlined above, market fundamentals are increasingly positive.