Extraordinary NFT Trading Volume On MATIC Blockchain

NFT market at Polygon (MATIC) is currently experiencing a period of rapid growth in adoption.

This is due to the company’s partnerships with illustrious companies like Reddit and, more recently, the introduction of NFT Cards of the 45th USA President Trump.

Polygon moves up to #2

MATIC blockchain is now trading second only to Ether in NFT trading volume over the last day, according to Cryptoslam (the NFT data aggregator), and is ranked ninth overall in terms of market value.

The number of new and repeat buyers each day in Polygon’s NFT market reached new all-time highs in December, according to data gathered from Nansen (blockchain analytics platform).

Despite the continuing crypto winter, this was the situation. This growth occurs despite the reality that the number of users in NFT environments on other chains, such as Ether and SOL, is declining on a weekly basis.

NFT explosion at Polygon

Another significant factor driving up Polygon’s NFT sales was yesterday’s NFT launch statement featuring billionaire and former president Trump, with a suggested retail price of “just $99 apiece.”

Gathering is minted on MATIC blockchain, according to the website hosting these NFTs, and the initial run of the collection will produce 45,000 NFTs.

Additionally, there has been a rise in whale activity in Polygon network, where ETH whales just purchased MATIC valued $3.7 million.

Additionally, according to information provided by WhaleAlert, $9.2 million worth of MATIC tokens were moved from Binance to some other wallet.

Value of Polygon

MATIC token is poised for a rebound, according to top crypto analysts, as strong technical signs signal a trend reversal after going into the “oversold zone” and combined with the positive underlying aspects mentioned above.

On 16th of December, the cost of Polygon token is trading around 0.85 USD, down 0.43percent of the time over the previous hour and 4.1% over the past week.

The price drop comes following the announcement that ECB and BE (Bank of England) will be raising rates of interest by 50 bps each, and that U.S. FR (Federal Reserve) would follow suit.

Related Posts