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HomeCrypto NewsMarketPolygon (MATIC) Mass Awakening of Old Addresses Sees Consumed Token Age Reach...

Polygon (MATIC) Mass Awakening of Old Addresses Sees Consumed Token Age Reach New All-Time High

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Mass awakening of old addresses observed on Polygon network.



In a tweet on Wednesday, Santiment Feed highlighted that the consumed token age on the Polygon network had reached a new all-time high as old and dormant addresses moved large amounts of MATIC.

MATIC’s token age consumed has hit an all-time high, indicating older addresses have moved assets swiftly. We can also see Polygon’s mean dollar age has also decreased, validating that older, dormant addresses have just moved a large chunk of coins,” Santiment tweeted.

Santiment’s chart further shows that the average age of Matic sitting in addresses dropped by 14.5% in one day in August. 1.66T age consumed spike is the largest ever, showing token changing addresses multiplied by the time they spend dormant has been massive.

While Santiment does not specify the reason for this awakening, users speculate that it is related to a network token unlock. As reported by The Crypto Basic 1.4, B Matic tokens were Transferred Out of Project’s Vesting Contract, which no doubt raised concerns.

But in a tweet on Tuesday, Polygon revealed that founders claimed their tokens that were unlocked in October last year and April this year. Additionally, Polygon shows that founders have committed to staking the tokens, which total about 640 million MATIC, news several community members have received positively.

MATIC, in recent months, has shown several impressive metrics, largely bucking the crypto downtrend. Notably, the token’s price surged by over 80% in July.

The Polygon network has received much positive attention, forming several headline-grabbing partnerships. Earlier in July, it was revealed that the firm was included in Disney’s business accelerator program, the only blockchain firm on the list. Less than a week ago, a part of the Mercedes Benz group revealed it is utilizing Polygon to launch a blockchain-based data-sharing platform.

Unsurprisingly, the network had a solid showing in Q2 2022. Polygon saw a 12% rise in unique crypto addresses, a 4% rise in total transactions, and a 49% drop in transaction cost. Additionally, the network saw an influx of 90,500 new developers, with an average of 1000 developers joining each day.

All of these strong fundamentals have not gone unnoticed by whales, as Ethereum whales aggressively add to their MATIC holdings. At the time of writing, MATIC is trading at the 0.8911 price point, down 0.44% in the last 24 hours but up 0.62% over the previous seven days.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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