Is it the right time for the coin?
Another positive sign for Polygon has been its significant network growth. Over the past month, there has been a marked increase in the number of new addresses sending MATIC coins for the first time. The rise in daily active addresses over the last 30 days indicates high activity within the Polygon network. This surge in active accounts could signal potential future growth for the network.
Despite the increased activity on the Polygon network, its volume remained volatile, experiencing significant fluctuations throughout the past month. Additionally, the Market Value to Realized Value (MVRV) ratio of Polygon has decreased, which could be seen as an unfavorable indicator. Even with the increasing number of partnerships and daily blockchain activity, MATIC has been negatively affected by the bear market. Its decreasing volatility suggests that buying Polygon may now be less risky for investors.
A look at the NEAR protocol
NEAR protocol has witnessed a significant rise in active users. This boost can likely be attributed to the Sweat Economy, a move-to-earn application similar to STEPN. On October 15, Messari, a prominent cryptocurrency analytics firm, reported that the daily active user count on the NEAR platform had surged. Thanks to “Sweat Economy,” NEAR has outpaced many of its competitors.
The network’s expansion
Over the past few days, the platform’s staker population has also grown considerably. The NEARCON 2022 event in Lisbon highlighted the best of the NEAR network and community, revealing that the number of members has reached 20 million, double the 10 million count from July this year. Sweat Economy brought in 14 million new users through its move-to-earn platform. Following a dip on October 12, the number of stakers has increased by 0.48% in the past week. According to data from Staking Rewards, staker earnings have been consistently rising, and the potential revenue from staking NEAR has grown by 9.76% in 2022.
This growing staker revenue likely contributes to increased enthusiasm among stakers. Moreover, the rise in development activities may have sparked interest from investors and traders. The NEAR protocol’s development activity saw a significant jump in the last month, indicating that the NEAR team is working on new updates and features.
The increase in development activity might encourage traders to take long positions in NEAR. However, before making a decision, they should consider the overall sentiment surrounding NEAR. In recent days, the weighted sentiment towards NEAR has decreased, suggesting a slightly negative public opinion.
