Polygon: Newbies actively use the purchase of dips, while long-term hodlers …
Polygon has had a significant impact on the crypto space this year in both the Spot Market and DeFi. Even so, over the course of the month, the network has seen many long-term (LTH) owners getting impatient and unable to really accept MATIC’s price action. So is this an opportunity for the short-term Hodler (STH) to gain a foothold in polygon space?
Polygon, MATIC and LTH
In November, LTH moves coins in large quantities. Although sales peaked in April, the numbers for that month are still well above average.
Specifically, almost $ 100 billion a day was being spent in November alone.
Consumption age of MATIC | The source: mood
This could also be the result of a less impressive performance. MATIC is one of the few altcoins that has not reached an all-time high this month, but is falling continuously. Since the last local high, the coin has fallen more than 27%.
All in all, the factors mentioned mean that LTH is dwarfed by the growing dominance of short and medium-term hodlers, who currently make up around 97% of the supply. This process has been evolving for months as LTH has continuously lost dominance since December 2020, which was the last time their numbers actually increased.
In the past 11 months, the LTH dominance has decreased from 8% to only 2.2%, although the LTH amount has actually increased by 5000.
Distribution of the MATIC holders | The source: In the block
This has now led to an increase in the number of new investors who use the falling MATIC price to buy the dip.
The number of new addresses rose to nearly 1.9 million in a single day last week, while MATIC consolidated around $ 1.5.
But only a few thousand of these new addresses have actually become investors – people who take MATIC pretty seriously.
The number of MATIC investors remains in the range of 230,000 | The source: In the block
However, with over 29 million orders for MATIC purchases, the network is slowly picking up pace. This will be helpful in absorbing the sales activity from LTHs.
MATIC purchase order | Source: Intotheblock
In addition, with strong developer activity and commitment to maintaining the decentralized network, the network can turn more new addresses into investors.
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Minh Anh
According to AMBCrypto
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Polygon: Newbies actively use the purchase of dips, while long-term hodlers …
Polygon has had a significant impact on the crypto space this year in both the Spot Market and DeFi. Even so, over the course of the month, the network has seen many long-term (LTH) owners getting impatient and unable to really accept MATIC’s price action. So is this an opportunity for the short-term Hodler (STH) to gain a foothold in polygon space?
Polygon, MATIC and LTH
In November, LTH moves coins in large quantities. Although sales peaked in April, the numbers for that month are still well above average.
Specifically, almost $ 100 billion a day was being spent in November alone.
Consumption age of MATIC | The source: mood
This could also be the result of a less impressive performance. MATIC is one of the few altcoins that has not reached an all-time high this month, but is falling continuously. Since the last local high, the coin has fallen more than 27%.
All in all, the factors mentioned mean that LTH is dwarfed by the growing dominance of short and medium-term hodlers, who currently make up around 97% of the supply. This process has been evolving for months as LTH has continuously lost dominance since December 2020, which was the last time their numbers actually increased.
In the past 11 months, the LTH dominance has decreased from 8% to only 2.2%, although the LTH amount has actually increased by 5000.
Distribution of the MATIC holders | The source: In the block
This has now led to an increase in the number of new investors who use the falling MATIC price to buy the dip.
The number of new addresses rose to nearly 1.9 million in a single day last week, while MATIC consolidated around $ 1.5.
But only a few thousand of these new addresses have actually become investors – people who take MATIC pretty seriously.
The number of MATIC investors remains in the range of 230,000 | The source: In the block
However, with over 29 million orders for MATIC purchases, the network is slowly picking up pace. This will be helpful in absorbing the sales activity from LTHs.
MATIC purchase order | Source: Intotheblock
In addition, with strong developer activity and commitment to maintaining the decentralized network, the network can turn more new addresses into investors.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Minh Anh
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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