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Data from the cryptocurrency market tracking platform, CoinMarketCap, revealed that Polygon (MATIC) saw its price increase over the past 24 hours of trading. This came despite the fact that the cryptocurrency project was subjected to a very troublesome past week.
From a fundamental perspective, Binance, the leading cryptocurrency exchange, made public on 8 September 2023 its decision to cease its backing of assets from the Polygon Network on its NFT Marketplace by 26 September 2023. After this announcement, the price of MATIC dipped by 10%, reaching its lowest point in 2023.
Additionally, according to on-chain data collected by CryptoQuant at the beginning of this month, Polygon investors held approximately 942.06 million MATIC tokens in exchange wallets. However, as of Monday, the number of MATIC tokens held in exchange reserves had surged by an additional 41 million, reaching a total of 983.7 million MATIC.
Approximately 3.5 million of these new deposits occurred between 9 and 11 September 2023 following the announcement about the removal of MATIC from Binance’s NFT Marketplace. Today, CryptoQuant’s data indicated that MATIC’s exchange reserve stood at around $980.39 million.
So far, it seems that the majority of investors who transferred their MATIC tokens to exchanges have opted to keep their holdings. The altcoin’s price has even managed to register a 1.72% increase over the past 24 hours of trading.
This brought MATIC’s trading price to $0.5137, edging closer to its daily peak of $0.5208 and moving away from its 24-hour low of $0.5017. Meanwhile, over the past 24 hours, MATIC recorded a daily trading volume of $231,494,791, marking a decline of over 5% compared to the previous day.
It is, however, worth taking note that MATIC might still have a long road to recovery as it suffered a loss of more than 7% over the past week alone. Its market cap of $4,790,659,082 ranked MATIC as the 14th largest cryptocurrency. This placed it right on the heels of Polkadot (DOT) in the 13th position.
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