The post POL network growth and total holders surge appeared on BitcoinEthereumNews.com.

POL’s active addresses and total holders recorded exponential growth POL’s transition has attracted many users, with some analysts eyeing a flip too The past few months have seen many in the crypto market eagerly anticipate the upgrade of Polygon’s MATIC to POL. As reported previously by AMBCrypto, the MATIC to POL migration officially went live on 4 September 2024. This transition meant that MATIC was upgraded to POL as the network token for Polygon. Simply put, every transaction that takes place on Polygon PoS now uses POL as the native gas token. Now, this transition may have given Polygon’s token a new life after a sustained downside on the charts. Prior to the migration, MATIC was on a southbound trajectory, dropping by 10.75% on the weekly charts and by 7.38% on the monthly charts. However, since the transition, the altcoin has made moderate gains. In fact, at press time, POL was trading at $0.3773 after a 1.45% hike in 24 hours. Also, its market cap rose by 3.44% to $2.1 billion over the same period. Undoubtedly, current market conditions have shown favourability towards POL, indicating the significance of the upgrade. For instance, Santiment’s analysis revealed a hike in network growth and a surge in total holders too. Assessing the prevailing market sentiment According to Santiment’s analysis of Polygon’s ecosystem, POL has seen exponential growth on the network front. New daily addresses created, at the time of writing, were 487, positioning the altcoin to bypass MATIC’s figures in 2 weeks. Source: Santiment Additionally, since 15 August, thousands of MATIC wallets liquidated their wallets to facilitate the swap. In the same period, over 1826 POL wallets were created – Representing a 64% rise on the charts. Source: Santiment Equally, the markets have seen POL supply held by 1 million plus wallets fall…

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Filed under: News - @ September 7, 2024 4:12 pm