Layer 2 network polygon It is reported that there was a conflict with Ethereum In 2023, both networks experienced the highest influx of new users. This development has once again raised concerns. MATIC priceconsidering that such an outcome should potentially mean that new money has flowed into the ecosystem in the last year.
Polygon and Ethereum will have the most users in 2023
according to report By blockchain analysis company Flipside, polygon In 2023, Ethereum took the lead with 30.6 million users. Looking at the breakdown further, Polygon is said to have gained 15.24 million users, and Ethereum has gained 15.4 million users. On the other hand, these users are defined as those who have performed at least two transactions on the network.
Even though it fell short of Ethereum’s numbers by about 160,000, Polygon’s numbers are still impressive considering it ranked higher than Ethereum. Other networks such as Bitcoin and Solana. The Layer 2 network also performed better than other Ethereum L2 networks, including: Arbitrum, optimismand basewith 7.3 million, 3.3 million, and 1.9 million acquired users, respectively.
Notably, Polygon went into full production as soon as 2023 began and set a world record. Number of users acquired per month In January, there were 2 million people. Interestingly, January 2023 was the first time MATIC crossed $1 in a very long time. It exceeded that level until the end of April 2023. MATIC then traded below that level for most of the year, and only rose above $1 towards the end of December 2023.
MATIC price at $0.74 | Source: MATICUSDT on Tradingview.com
Why did MATIC fail to rise and sustain above $1?
a recent analysis Blockchain intelligence company ChainArgos polygon team has been secretly selling MATIC tokens, which may be responsible for the significant selling pressure that has mounted on the crypto token at various times. This could also serve as a plausible explanation as to why MATIC struggles to remain above $1 despite enjoying superior convenience.
The Polygon team was accused of not carrying out the token allocation in accordance with the published plan, and a portion of the allocated funds accounted for a portion of the tokens sold. These secret sales have been unknown for a long time and are said to have been avoided. through linked wallets to Cryptocurrency exchange Binance.
So far, approximately 767 million MATIC appears to have been leaked in these secret transactions. ChainArgos hinted how these transactions are beyond suspicion Influencing the price of MATIC They have noted on various occasions that outflows are “a good indicator of future highs and subsequent declines.”
According to , at the time of writing, MATIC has risen over the past 24 hours and is trading at around $0.73. data From CoinMarketCap.
Featured image from CoinGape, chart from Tradingview.com
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell, or hold an investment, and investing naturally involves risk. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.
