Is MATIC Bullish? Polygons Daily Address Creation Soars to 2-Year High

Is MATIC Bullish? Polygons Daily Address Creation Soars to 2-Year High

Despite recent declines in the cryptocurrency market, Polygon (MATIC) sees an uptick in the number of new daily addresses created, with over 600 new addresses created on May 23, indicating growth potential for the Layer 2 blockchain that aims to help Ethereum with its scalability.

Regardless of Polygon (MATIC) taking a cue from the rest of the digital currency market in recording declines in the previous few weeks, the Layer 2 blockchain tech that intends  to assist Ethereum (ETH) with its scalability has recently witnessed an uptick in the number of new addresses created daily on it.

As it happens, the number of new MATIC addresses created on the Polygon network daily on May 22 stood at 556, the levels which the blockchain tech has not seen since February 2021, or in over two years, reports by the data shared by prominent cryptocurrency analyst Ali Martinez on May 23.

By press time, this number has grown further, amounting to 618 new addresses created on the Polygon network on May 23, reports by the most up-to-date information retrieved by Finbold from the cryptocurrency tracking and analytics platform Glassnode on May 24.

Simultaneously, the total number of all addresses on the Polygon chain as of May 23 amounted to 1,838,035, recording an increase of 10.68 percent from the 1,660,743 addresses it had on January 1, 2023, and 39.3 percent growth since this time a year ago, as the charts demonstrate.

Is MATIC Bullish? Polygons Daily Address Creation Soars to 2-Year High
Total number of Polygon addresses. Source: Glassnode

Polygon price analysis

As things stand, Polygon is as of now currently worth the price of $0.87, which demonstrates a fall of 1.58 percent in the previous day, likewise as a decline of 12.71 percent over the previous 30 days, whereas, in the last week, it has recorded a 1.10 percent gain, reports by the data retrieved on May 24.

Is MATIC Bullish? Polygons Daily Address Creation Soars to 2-Year High
Polygon 7-day price chart. Source: Finbold

In the meantime, Polygon has announced a substantial upgrade of its network fee structure, zkEVM optimizations, and a 20 percent cut in transaction charges, making its native crypto token one of the best and (still) cheap digital currencies to buy in June 2023, hinting at the likelihood of price growth in the near future.

Disclaimer: The content on this site should not be considered financing advice. Investing is speculative. And once investing, your financial resources is at risk.

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