Everything is green for the polygon ecosystem, but Matic sees red

  • Polygon’s GameFi and NFT ecosystem has recorded significant growth
  • However, the metrics do not look favorable for MATIC’s price movement

polygons [MATIC] The GameFi ecosystem scored another milestone on December 11 when the blockchain partnered with the Earn Alliance. The primary goal of this new consortium was to “bring 100 million players to Web3”.

Through this collaboration, Earn Alliance will take advantage of Polygon Network’s low gas fees, fast compile times, and minimal carbon footprint to produce more immersive blockchain gaming experiences.

Read polygons [MATIC] predict the price 2023-2024

Polygon NFT is also growing

Polygon has grown not only in the GameFi space, but also in the NFT ecosystem. In a Dec. 10 tweet, Polygon co-founder Sandeep Nailwal revealed that the company’s NFT buyers have “grown exponentially.”

Santiment Chart revealed this ribbedTotal NFT trading increased last week. Total NFT trading volume followed a similar trend, rising on December 6. However, the number has decreased in recent days.

Source: feeling

Additionally, Polygon’s weekly users followed a similar trend and recorded a trend up in the past months. This was another optimistic update for the blockchain.

Is crypto winter the reason?

Despite the above developments, matThe weekly growth was negative. According to CoinMarketCap, MATIC has fallen by 5% in the past week. It is trading at the time of writing at $0.8858 with a market capitalization of $7,736,492,248.

On-chain blockchain metrics have also shed some light on the current scenario. Matic’s market capitalization to realization value (MVRV) ratio decreased significantly over the past week. This was a huge bearish sign. The growth of the blockchain network also decreased on December 12th.

Source: feeling

In contrast, CryptoQuant’s data It offered some relief to investors, as it indicated higher prices on the horizon. matForeign exchange reserves decreased, which was a bullish sign as it indicated less selling pressure.

In addition, the number of active addresses and transfer volume recorded a peak. Interestingly, MATIC remained popular in the crypto space despite the negative price action. The altcoin managed to top the list of cryptocurrencies in terms of social activity on December 11th.

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