Report Reveals Polygon Customers Rivaled Ethereum In 2023, However Why Has Worth Failed To Clear $1?


Layer-2 community Polygon is reported to have competed with Ethereum in 2023, as each networks noticed essentially the most inflow of latest customers. This improvement has as soon as once more raised issues about MATIC’s worth, contemplating that such an achievement ought to probably imply that new cash moved into the ecosystem final 12 months. 

Polygon and Ethereum Acquired The Most Customers In 2023

In accordance with a report by Blockchain analytics agency Flipside, Polygon and Ethereum led the pack with 30.6 million acquired customers in 2023. Giving an extra breakdown, Polygon is claimed to have acquired 15,24 million customers, whereas Ethereum attracted 15.4 million customers. In the meantime, these customers are outlined as individuals who carried out at the very least two transactions on the networks. 

Regardless of falling about 160,000 in need of Ethereum’s numbers, Polygon’s numbers are nonetheless spectacular, contemplating that it ranked forward of different networks like Bitcoin and Solana. The layer-2 community additionally outperformed different Ethereum L2 networks like Arbitrum, Optimism, and Base, which recorded 7.3 million, 3.3 million, and 1.9 million acquired customers, respectively. 

Notably, Polygon hit the bottom operating as quickly as 2023 started, setting the document for month-to-month acquired customers with 2 million in January. Curiously, January 2023 was the primary time MATIC rose above $1 in a really lengthy whereas. It held above that degree till the top of April 2023. After that, MATIC traded beneath that degree for a lot of the 12 months, solely rising above $1 in direction of the top of December 2023. 

MATIC price chart from (Polygon)

MATIC worth at $0.74 | Supply: MATICUSDT on

Why Has MATIC Failed To Rise And Maintain Above $1

A latest evaluation by Blockchain intelligence agency ChainArgos instructed that the Polygon crew has been secretly promoting off MATIC tokens, one thing which may have accounted for the numerous promote pressures which have risen at completely different instances for the crypto token. This might additionally function a believable clarification for why MATIC has struggled to carry above $1 regardless of having fun with nice utility. 

The Polygon crew was accused of not executing its token allocations in step with the publicly acknowledged plan, with a part of the allotted funds accounting for among the tokens that had been offered. These secret gross sales, which have for lengthy gone below the radar, are stated to be circumvented by means of wallets linked to the crypto alternate Binance

To date, about 767 million MATIC have apparently been offloaded in these secret transactions. ChainArgos hinted at how these transactions have little question affected MATIC’s worth on completely different events, as they famous that the outflows are a “good indicator for an upcoming high and subsequent transfer decrease.”

On the time of writing, MATIC is buying and selling at round $0.73, up within the final 24 hours, in line with knowledge from CoinMarketCap. 

Featured picture from CoinGape, chart from

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding selections. Use info offered on this web site completely at your personal danger.


Leave a comment