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- The overall count of Polygon addresses maintains an upward trajectory.
- Approximately 80 addresses hold around 16.89% of the total supply, ranging from 0.1% to 1% of the overall tokens.
Polygon has demonstrated a notable upward trend, achieving an impressive surge of 8.56% in the past week alone, despite concerns of potential delisting from Revolut’s US platform following its classification as a security by the Securities and Exchange Commission earlier this month. The platform’s emphasis on scalability and interoperability has garnered significant interest, attracting new users and partnerships.
The upcoming Polygon 2.0 updates hold promise for MATIC in the latter half of 2023, potentially bringing about a favorable shift and introducing a positive growth phase. However, currently, most Polygon addresses face a disadvantage, with around 88% potentially experiencing losses if they sell their MATIC tokens at the prevailing market price.
Conversely, only a small percentage of addresses, approximately 8.22%, would generate a profit, while about 3.58% would break even.
Steady Growth with Signs of Leveling Off: Total Polygon Addresses Analysis
The overall count of Polygon addresses maintains an upward trajectory, indicating ongoing growth, although thePolygon has demonstrated a notable upward trend, achieving an impressive surge of 8.56% in the past week alonere are indications of the rate of increase stabilizing. Over the past thirty days, an average of around 565,000 MATIC addresses has been documented. In the last seven days, there has been a decrease of approximately 7.8% in the number of active addresses within the Polygon network.
Furthermore, the number of MATIC addresses without recorded transactions decreased by approximately 24% during the same period. However, amidst these observations, a positive development emerges as there has been an increase of roughly 18.7% in newly created addresses.
Analyzing MATIC Deposits and Withdrawals
In the most recent 24-hour period, there has been an influx of roughly 200,000 MATIC tokens being deposited on exchanges, suggesting a higher volume of inflow compared to outflow.
However, this contrasts with the pattern observed over the past seven and 30 days, during which around 3.82 million MATIC tokens, equivalent to approximately 15.7 million USD, were withdrawn from exchanges more frequently than they were deposited. When coins are withdrawn from exchanges rather than deposited, it indicates a decrease in selling pressure and a tightening of the token supply. As a result, one can interpret this as a positive signal that supports bullish price development.
Whales and Institutional Investors Control The Majority of MATIC Supply
The distribution of Polygon tokens in circulation reveals an intriguing pattern characterized by a significant concentration of holdings among a few prominent investors.
Approximately 80 addresses hold around 16.89% of the total supply, ranging from 0.1% to 1% of the overall tokens. This concentration underscores these large investors’ substantial influence over the Polygon ecosystem. Upon closer examination, the presence of whales becomes evident within the Polygon ecosystem. Whales refer to addresses that hold more than 1% of the total MATIC volume. One particular address alone commands an impressive 37.7% of the total supply, while eight other addresses collectively control 30.2% of the coins.
These whales account for approximately 67.9% of the MATIC supply, leaving a mere 15.21% available for retail investors. With the ownership of tokens heavily concentrated among institutional investors and whales, it is evident that nearly 90% of addresses are operating at a loss.
