MATIC’s price fell 34% in a month – but it is not all bad.

• Polygon’s NFT surged by 9.6% within the last day
• The whales were busy collecting MATIC at reduced prices

MATIC is not a cheap company. Polygon The company remains at the forefront of a major front. The activity of non-fungible (NFT), or tokens that are not fungible, on Ethereum Virtual Machine (EVM-based) blockchains during April.

Polygon NFT market tracking

AMBCrypto has examined the information contained in a Dune Analytics Polygon’s dashboard showed that it handled approximately 3.4 million transactions in the week of 15 April. That was an increase of nearly 10% over a previous week. Polygon’s dominance is evident by BNB Chain’s second-best performance, which was only able to clock in 1.9 millions transactions. That’s less than half of Polygon.

Polygon’s overall performance on the market was just as impressive. Polygon was the fourth largest chain for NFT volume in the past 24 hours, according to CryptoSlam. A 9.6% increase pushed sales over $2.5 million.

The network is currently ranked fourth, behind top Layer-1 chains such as Ethereum, Bitcoin” Solana.

Source: CryptoSlam

Burn rate increased by high NFT activity?

MATIC derives its value, as do many other cryptos from the activity of the parent blockchain. After every transaction in MATIC, a portion of the fees is burnt. This has a deflationary impact on the coin.

As per burntracker.ioAbout 48,865 MATICs have gone up in flames in the past 24 hours. MATIC did react to the events, though it was difficult to confirm, with a 1% increase in 24 hours. CoinMarketCap.

MATIC has struggled over a longer period of time, with its stock dropping by 34% within a month.

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MATIC is on Sale for Whales

MATIC whales took advantage of this negative movement to further increase their holdings. AMBCrypto, using data from Santiment, found that the number of user cohorts who held between 1,000 and one million coins increased steadily as the price fell.

The accumulation of shares by wealthy investors indicates that they are confident about the medium-term prospects for MATIC and have therefore been on a buying spree.

Santiment