February 25, 2024

Polygon shows its presence in the marketplace once more. The blockchain welcomed August with a new developments list. The alternative token gained more than 7.5% within the past week to trade at $0.92 (Coinmarketcap data). The upsurge came as the altcoin reacted to the improving conditions in the marketplace within the past few days.

Higher High Lately

The platform published new updates with multiple renowned companies this week. First and foremost, Mercedes Benz’s decentralized data markets, Acentrik, deployed on MATIC mainnet. Acentrik reduces transaction fees (gas) on Polygon. Acentrik uses the Ocean Protocol technology to enable data monetization and sharing.

Meanwhile, Coinbase launched trading of EETH, USDC, and MATIC on Polygon within the last week. That will translate to reduced time, fees, and efforts as customers can convert fiat to cryptocurrency to fund their Polygon wallets.

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Furthermore, Trust Wallet gas confirmed a partnership with Meta for ETH and MATIC support on Instagram. This step remains lucrative for MATIC-based non-fungible token collections to flourish. Meanwhile, the 30-day chart ranks Polygon 8th in the blockchain list by sales volume. The new move might translate to impressive performance for Polygon.

Another eminent deal had Coca-Cola celebrating International Friendship Day by releasing collectibles on the blockchain platform. The collectibles are generative, first-of-a-kind, and shareable. Moreover, they have a distinct share-to-reveal feature that allows every artwork to reveal after a share with a friend.

Data Analysis

MATIC has seen its prices rebound massively from June’s lows, but profitability has declined over recent days. Santiment’s chart shows the MVRV ratio plummeted to 7.6% on August 9. That remains massively low from the latest high of July 18, when more than 57% of investors dealt with profits.

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Polygon saw declines in social dominance as its discussions dipped within the past few days. Social engagements remained somewhat stagnant within the week despite the top deal with Coca-Cola. The metric hovered around 0.47 during this publication (Santiment data).

Polygon has seen decreased social media popularity recently despite releasing its new functionalities. Nevertheless, the massive deals with Instagram, Mercedes Benz, and Coca-Cola have resurrected Polygon. The pressing concern is to turn the developments into Polygon’s valuations.

Editorial credit: sdx15 / shutterstock.com

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