Understanding MATIC’s Recent Market Challenges: Key Insights

Polygon Sees New Developers

A recent report highlights Polygon’s notable increase in new developers compared to other networks in the past year. The network secured the second position, following Ethereum [ETH], in terms of the number of new developers.

  • The network currently holds the 39th position with 4,409 GitHub commits.
  • Developer activity over the past week has decreased by 45.86% compared to the previous month.
  • Commits witnessed a reduction of 43.87% compared to the month before.

Celsius Moves More MATIC to Exchanges

Simultaneously, Celsius, a bankrupt crypto lender, continued its token movements on the Polygon network. This move is part of the institution’s ongoing sales initiated last year to meet client obligations.

According to a recent update from Spot on Chain, Celsius transferred 25.75 million MATIC, valued at around $21.26 million, to two exchanges:

  • 22.73 million MATIC, worth around $18.79 million, was deposited on Binance.
  • 3.02 million MATIC, valued at $2.47 million, found its way to Crypto.com.

As a response to these developments, data from Santiment indicated a decline in MATIC’s volume. Initially exceeding $800 million on January 11th, the volume subsequently dropped to around $313 million by January 17th. However, as of the latest update, the volume has experienced a slight increase, reaching around $444 million.

Examining the daily timeframe price chart, a reversal occurred on January 17th following attempts to r

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