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Polygon daily address creation hits 2-year high; Bullish for MATIC?

Polygon daily address creation hits 2-year high; Bullish for MATIC?

Despite Polygon (MATIC) taking a cue from the rest of the cryptocurrency market in recording declines over the past few weeks, the Layer 2 blockchain that aims to help 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 has not seen since February 2021, or in over two years, according to the data shared by prominent crypto analyst Ali Martinez on May 23.

New Polygon addresses created daily. Source: Ali Martinez/glassnode

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

At the same time, 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% from the 1,660,743 addresses it had on January 1, 2023, and 39.3% growth since this time last year, as the charts demonstrate.

Total number of Polygon addresses. Source: Glassnode

Polygon price analysis

As things stand, Polygon is currently trading at the price of $0.87, which demonstrates a drop of 1.58% in the last 24 hours, as well as a decline of 12.71% over the previous 30 days, whereas, in the past week, it has recorded a 1.10% gain, according to the data retrieved on May 24.

Polygon 7-day price chart. Source: Finbold

Meanwhile, Polygon has announced a massive upgrade of its network fee structure, zkEVM optimizations, and a 20% cut in transaction fees, making its native token one of the best and (still) cheap cryptocurrencies to purchase in June 2023, hinting at the possibility of price growth in the near future.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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