Perhaps the biggest question is how this foray into NFTs has affected the Polygon network and the demand for MATIC.at $11.4 million. There is no official word on whether this surge in NFT trading volume is linked to the Super Bowl NFTs but that is likely the case.While the above represents the volume on OpenSea, things are a bit different on-chain. Polygon’s totalHowever, the total volume on that particular day is still lower than its current monthly high.
Its press time price of $1.24 represented a slight gain in the last 24 hours. Thus, confirming that the bears have not managed to secure dominance.MATIC managed to pull off a 79% uptick at its recent weekly high, from its January lows. This means the crypto token is still holding on to the title of one of the best gainers among the top cryptos from the current 12-month highs.
The current sentiment especially among MATIC whales is bullish overall. This is based on an analysis of the supply distribution. All the top address categories from 100 to 10 million MATIC have been accumulating in the last 24 hours.Well, the current sentiment favors the bulls based on the above observation. Despite this observation, there is still room for a sudden market shift, which may push the market toward the bottom.Subscribe to get it daily in your inbox.