Sandeep Nailwal, the co-founder of Polygon [MATIC] recently tweeted about the growing gaming ecosystem in the Polygon network. As per the tweet shared by the co-founder, Polygon was the biggest blockchain in the gaming space.
Just look at the growth of gaming users on @0xPolygon
Growth is “ORDERS OF MAGNITUTE” bigger than any other chain ecosystem! And now #zkEVM! Lets keep building lads!
— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) October 11, 2022
Apart from this, Polygon recently launched its all-new zkEVM — a layer 2 addition to Ethereum that addresses scalability issues through mass transfer processing rolled into a single transaction.
Interestingly, CryptoDep, a popular crypto-centric Twitter handle, also tweeted that Polygon nabbed the fourth spot among the top projects with a market capitalization of under $50 million. Polygon stood behind BNB, Cardano [ADA], Solana [SOL], and Polkadot [DOT].
⚡️Top Projects with Market Capitalization under $50B
11 October 2022#BNBChain $BNB #BNB $ADA $SOL $DOT $MATIC #TRON $TRX #TRX $UNI #Avalanche $AVAX #AVAX $LINK $QNT $HBAR #EGLD $EGLD $XTZ #XTZ $SAND $CHZ pic.twitter.com/bZR01zB4Mg
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) October 11, 2022
Despite the positive nature of these developments, none of these reflected on MATIC’s chart as it registered more than 3% negative growth in the last seven days. According to CoinMarketCap, at press time, MATIC was trading at $0.7997 with a market cap of over $6.98 billion.
Are you lost MATIC?
Some of MATIC’s on-chain metrics supported the token and indicated that good days were about to come. For instance, after declining over the last week, MATIC’s Market Value to Realized Value (MVRV) Ratio registered an uptick, a positive sign, indeed.
Furthermore, the number of daily active addresses increased over the last week, indicating that there were more users on the network.
Analytics firm, CryptoQuant’s data also revealed that MATIC’s exchange reserve continued to fall, indicating lower selling pressure, further increasing the chances of an uptick.
Surprisingly, MATIC’s volume also went up last week, but at the time of writing, it was down. Contrary to the developments given above, Santiment’s data revealed a decline in MATIC’s network growth.